Governor's Bill No. 6870 seeks to mitigate the rising costs of prescription drugs in the state by establishing a Canadian prescription drug importation program. The bill introduces new definitions for terms such as "Canadian supplier," "participating wholesaler," and "drug," and assigns the Department of Consumer Protection the responsibility of overseeing the program. The Commissioner of Consumer Protection is mandated to hire a consultant to assess the program's feasibility, with a report due by October 1, 2027. If the program is deemed feasible, the Commissioner may pursue federal approval to import certain prescription drugs from Canada, ensuring compliance with safety standards while excluding controlled substances and specific drug categories from importation.

Additionally, the bill introduces regulations for pharmaceutical manufacturers and wholesale distributors regarding drug pricing, effective July 1, 2025. Starting January 1, 2026, these entities are prohibited from selling identified prescription drugs above a specified reference price, with civil penalties for violations calculated as 80% of the revenue difference between actual sales and the reference price. The bill also allows for hearings to contest penalties, establishes the powers of the Commissioner to enforce compliance, and mandates that all collected civil penalties be deposited into the General Fund to support affordable healthcare initiatives. Overall, the legislation aims to enhance accountability among pharmaceutical companies and improve financial transparency for patients regarding their healthcare costs.