The Prescription Drug Cost and Affordability Review Act establishes a Prescription Drug Affordability Board and a Prescription Drug Affordability Stakeholder Council in Kansas. The Board, composed of five members appointed by the governor with expertise in healthcare-related fields, will review prescription drug costs and may set upper payment limits for drugs that meet specific affordability criteria. The Council will include representatives from drug manufacturers, healthcare providers, and the public to provide input on drug pricing. Starting January 1, 2027, the Board will select drugs for review based on their cost and affordability challenges, and it is empowered to adopt rules and regulations for implementation, as well as contract with third parties for assistance.

Additionally, the Act creates a Prescription Drug Affordability Fund within the state treasury to finance the Board's operations, with expenditures subject to appropriation acts. The Board is required to submit an annual report to the legislature starting in 2026, detailing price trends and recommendations for enhancing affordability. It must also conduct a one-time study on generic drug pricing and its impacts before the 2027 legislative session. The bill allows individuals to appeal Board decisions within 30 days, governed by the Kansas administrative procedure act, and will take effect upon publication in the statute book.