New York’s executive budget is calling for reforms to prescription drug prices. Governor Kathy Hochul wants public disclosure of “pay for delay” deals. That’s when brand-name drugmakers pay generic manufacturers to keep cheaper generic versions off the market for a certain period of time. The proposal also seeks to have drug companies give advanced public disclosure of proposed drug price increases. Bill Ferris of A-A-R-P New York is concerned…
Ferris adds there are no checks or transparency from keeping these prices from rising too high. A 2022 report from the U-S Department of Health and Human Services found more than 12-hundred products saw price increases exceeding the 8-point-5 percent rate of inflation. The report says price increases for drugs were 31-point-6 percent.