Department of Financial Services (DFS) Superintendent Linda A. Lacewell
Gov. Andrew Cuomo announced Thursday that the Department of Financial Services Office of Pharmacy Benefits is investigating six drug manufacturers over significant price spikes on medications related to Covid-19.
The office, launched in November, is demanding the manufacturers justify the price increases under section 111 of the New York Insurance Law which permits investigations into prescription drug price increases of more than 50% within 12 months.
Three of the manufacturers are based in New Jersey: Berkeley Heights’ Hikma Pharmaceutical saw a 60% increase for its drug Duramorph; East Brunswick’s Rising Pharmaceuticals, a 98% bump for chloroquine phosphate; and Warren’s Cipla USA, an over 1,350% boost for budesonide. The other three hail from California: San Francisco’s Jaguar Health saw a 230% jump for Mytesi; Santa Ana’s McGuff Pharmaceuticals, a 110% boost for Ascor; and Torrance’s Nubrat