Today’s issue of WorkCompRecap features New York Governor Andrew M. Cuomo’s announcement that the state’s Department of Financial Services is taking action against opioid manufacturers, distributors and pharmacy benefit managers to secure $2 billion for New York consumers who they claim have shouldered the cost of the ongoing opioid epidemic in the form of higher insurance premiums over the last 10 years.
The DFS will apparently be seeking fines and restitution from the opioid industry, is directing insurers to fully cooperate, and will be holding hearings across the state. DFS has also issued subpoenas and other requests to opioid manufacturers and distributors, state-licensed insurers, and even PBMs, previously not much of a focus, to seek restitution. DFS noted that it had received information that some PBMs may have been paid rebates by opioid drugmakers for favorable formulary tier placements, which could violate health insurance regulations.
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