The proposed General Assembly Substitute Bill No. 6870 aims to establish a Canadian prescription drug importation program to reduce prescription drug costs in the state, effective July 1, 2025. The bill mandates the Commissioner of Consumer Protection to hire a consultant to assess the program's feasibility, with a report due by October 1, 2027. If feasible, the Commissioner may seek federal approval to implement the program, ensuring that imported drugs meet safety standards and comply with federal tracing procedures. Participating wholesalers will be allowed to import certain prescription drugs from Canadian suppliers, provided they meet specific federal standards and do not include controlled substances. The bill also introduces new definitions related to prescription drugs and biological products, enhancing the regulatory framework.

Additionally, the bill establishes a "reference price" for identified prescription drugs, effective July 1, 2025, which prohibits pharmaceutical manufacturers and wholesale distributors from selling these drugs above the reference price starting January 1, 2026, with civil penalties for violations. The Commissioner is granted authority to oversee compliance, including the ability to require documents for examination and to impose civil penalties that can be collected as liens on real property. The bill also mandates that health carriers credit insured individuals for out-of-pocket expenses incurred when purchasing prescription drugs from out-of-network providers, ensuring that patients have access to affordable healthcare. Overall, the bill seeks to create a structured approach to drug importation and pricing regulation while ensuring safety and compliance within the pharmaceutical industry.