The bill proposes amendments to Title 36 of the Arizona Revised Statutes by adding a new chapter related to prescription drugs. It defines terms such as "Maximum fair price," "Price applicability period," and "Referenced drug," which are associated with the pricing of prescription drugs as determined by the U.S. Secretary of Health and Human Services.

The bill stipulates that no person or entity in Arizona may purchase or seek reimbursement for a referenced drug at a price higher than the maximum fair price during the applicable period. Violations of these provisions are considered unlawful practices and are subject to enforcement by the attorney general. Additionally, individuals aggrieved by such violations have the right to bring a private action for consumer fraud.