Governor Kathy Hochul introduced DFS Connect, a digital platform from the New York State Department of Financial Services, aimed at streamlining interactions among consumers, regulated entities, and the agency. The initiative enhances regulatory oversight and improves efficiency in reporting prescription drug price spikes, particularly focusing on Pharmacy Benefit Managers (PBMs). With functions such as a complaint system for reporting price increases and tracking cases, the platform promises transparency and better accountability in drug pricing. The initiative has already helped recover over $1.3 million for pharmacies and consumers since January 2022.
The initiative aims to improve service efficiency and regulatory oversight while providing greater transparency in addressing prescription drug price spikes and Pharmacy Benefit Managers (PBMs).
DFS Connect allows for individuals to report these price spikes to the State and provide a more efficient service to both consumers and businesses.
We have cultivated a culture of innovation, invested in new technological infrastructure and updated key processes. DFS Connect is a pivotal example of our innovation.
The platform will ensure fair drug pricing and hold manufacturers accountable, offering significant public health benefits.
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