It was meant to be pro-consumer, but everyone now realizes it’s more of a giveaway to pharmaceutical companies. That’s why, months after session’s end, the Legislature has yet to send the Mid-Year Formulary bill to Gov. Andrew Cuomo for his signature or veto.
The bill would stop a health insurer from changing its formulary — the list of what drugs it covers, at what price to the patient — during the year the health policy covers.
Problem is, it doesn’t stop drug makers from boosting their prices, so they could bankrupt health plans with sudden hikes. Plus, the rule means your plan won’t — can’t — cover a new medicine that suddenly comes to market.
In a clear sign it’s a bad system, a late amendment to the bill exempted labor unions, so they can bargain for changes to their plans’ formularies despite the calendar rules.
Cuomo needs to veto the bill, and tell the Legislature to come up with a better way of protecting consumers from surprise drug-price hikes.