Albany Law School Adjunct Professor Eamon Rock ’15 will lead New York State’s Department of Financial Services (NYDFS) Pharmacy Benefits Bureau which is a first-in-the-nation approach to bring oversight to Pharmacy Benefits Managers.
“I'm so proud to be leading the NYDFS implementation of New York's historic legislation. The creation of the Pharmacy Benefits Bureau represents our continuing commitment to providing meaningful and productive oversight of this industry,” said the now Deputy Superintendent for Pharmacy Benefits within DFS.
Previously, Rock was Deputy General Counsel and Director of the Office of Pharmacy Benefits among other roles he held in DFS after graduating from Albany Law in 2015 magna cum laude.
“I look forward to continuing to hear from all interested parties and crafting a comprehensive regulatory regime that protects New Yorkers and their businesses, keeps health insurance costs down, and tackles conflicts of interest in the industry,” Rock said.
Beyond his work for the state, Rock teaches Introduction to Insurance Regulations in the law school’s Financial Compliance and Risk Management Online Graduate Program. He also teaches Public Budgets and Finance along with Government Spending and Grants in the Government Affairs and Advocacy Online Graduate Program.
“Eamon’s enthusiasm for, and dedication to, teaching the skills and competencies needed among people climbing their career ladders in both the public and private sectors are second to none. And, clearly, he knows what it takes to climb a professional ladder,” said Assistant Dean and Director of Albany Law School’s Online Graduate Programs Tom Rosenberger.
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Rock will lead a bureau that works with Pharmacy Benefit Managers that are key intermediaries in the prescription drug supply chain. They have, without regulatory oversight, long controlled the price of drugs for health plans and reimbursement rates for pharmacies. The new bureau will be tasked with licensing and supervising the industry, keeping a watchful eye on Pharmacy Benefit Managers' impact on consumers and the cost of health care.
"As we continue our comeback from the COVID-19 pandemic, it's crucial that we take every opportunity to improve the health care system and reduce costs for New Yorkers," said New York State Governor Kathy Hochul in a statement announcing the bureau’s creation. "This landmark regulatory body will provide careful oversight to protect consumers from predatory practices in the largely unregulated Pharmacy Benefits Managers industry. My administration remains committed to doing everything in its power to reduce the burden of health insurance and prescription drug costs on New Yorkers."
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