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CVS Health urges Governor Hochul to veto S. 3566 and S. 3762

December 15, 2021 | Public Policy |2 minute read time

“CVS Health respectfully urges New York Governor Kathy Hochul to veto S. 3566 and S. 3762, legislation that, if enacted, would increase prescription drug costs for New York families, employers and health plans, while undermining patient safety and weakening health care outcomes.

“New Yorkers will defer care if they cannot afford their medications. S. 3566 and S. 3762 will only drive-up prescription drug costs, taking away important protections pharmacy benefit managers like CVS Health provide in shielding consumers from the high list prices set by the big drug companies. For New Yorkers, particularly those with complex conditions like cancer and multiple sclerosis, these bills are especially harmful. S. 3762 is projected to raise prescription drug spending by $28 billion over the next 10 years, while S. 3566 could raise costs for some specialty medications by up to 5 percent. If enacted, these bills will mean higher costs for patients, higher premiums for small businesses, and increased Medicaid spending paid for by taxpayers.

“CVS Health has deep roots in New York and is committed to lowering prescription drug costs and improving quality of care for all New Yorkers. We encourage Governor Hochul to veto these misguided bills and turn their attention instead to solutions that address the true source of prescription drug costs: the high prices set by big drug companies.”

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Phil Blando