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 relevant fields, will review prescription drug costs and set upper payment limits based on wholesale acquisition costs and affordability challenges. 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 and may enforce upper payment limits if spending on a drug is deemed unaffordable. The act also includes provisions for enforcing these limits and allows the board to adopt rules and regulations for implementation.

Additionally, the bill creates a prescription drug affordability fund within the state treasury to finance the board's activities. It mandates that the board submit an annual report to the legislature starting in 2026, detailing price trends and recommendations for enhancing affordability. The board is also required to conduct a comprehensive study on generic drug pricing before the 2027 legislative session. The provisions of the act are subject to legislative review before July 1, 2030, and the act will take effect upon publication in the statute book.