Establishes the pediatric cancer research and treatment grant program (grant program) to be administered by the rare disease advisory council (council). Establishes the pediatric cancer research and treatment fund. Sets forth requirements for an entity to receive a grant. Requires the council to develop criteria, policies, procedures, and a plan concerning awarding of the grants. Prioritizes use of the funds to be on innovative research and treatments with the potential of resulting in novel therapies for pediatric cancer. Requires the council to submit an annual report to the governor and legislative council concerning the grant program and publish the report on the Indiana department of health's website.