Some Prescription Prices Expected To Increase For New Yorkers

New Yorkers should expect to pay more money for certain prescription drugs. As if prescriptions weren't expensive enough, CVS has announced a change to its pricing structure that could cause prices on some drugs to go up.

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Popular Pharmacy May Be Closing Many Stores In New York State Soon

According to The Street, CVS will have closed up to 900 stores before 2024, which is less than a month away. It is launching a new company called Cordavis. CVS had almost 600 stores in New York State, before its massive closures.

CVS Launching CVS CostVantage Pricing Model For Prescription Drugs

CVS says that its CVS CostVantage model will bring simplicity and transparency. The new program will begin in 2025.

CVS CostVantage will define the drug cost and related reimbursement with contracted pharmacy benefit managers (PBMs) and payors, using a transparent formula built on the cost of the drug, a set markup, and a fee that reflects the care and value of pharmacy services.

News Radio says that the new pricing will cause some prescriptions to increase in price, while others will become cheaper.

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There seems to be a pharmacy crisis in New York State. A couple of chain pharmacy stores have closed or plan to close by the end of the year. Aside from CVS closing many stores, Rite Aid is facing thousands of lawsuits due to the opioid epidemic. It is alleged that its pharmacy oversupplied opiate prescription painkillers, although Rite Aid denies any wrongdoing. According to the Wall Street Journal, it is filing for Chapter 11 bankruptcy.

NEW YORK, NEW YORK - AUGUST 28: A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid, a national chain retail pharmacy and convenience store with thousands of locations across the country, is preparing to file for Chapter 11 bankruptcy as it faces increasing financial stress related to opioid lawsuits and other financial pressures. (Photo by Spencer Platt/Getty Images)

In its Annual Report released in May, Rite Aid said,

Although we believe we have adequate sources of liquidity to meet our anticipated requirements for working capital, debt service and capital expenditures through at least the next twelve months, the costs associated with these legal proceedings are impossible to estimate with certainty, could exceed any applicable insurance coverage, and could significantly impact such liquidity.

According to The U.S. Sun, Rite Aid recently closed a location in Ridgewood, New York. It closed 25 stores earlier this year.

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Source: Some Prescription Prices Expected To Increase For New Yorkers

Filed Under: New York State, prescription drugs, Yasmin Young