The bill establishes a Minnesota Prescription Drug Purchasing Program, which will be administered by the commissioner of human services. This program aims to provide prescription drugs at the lowest possible cost to participants, specifically those enrolled in medical assistance and MinnesotaCare under both fee-for-service and managed care systems. The commissioner is tasked with various duties, including maintaining a list of effective prescription drugs, administering benefits, and negotiating prices with manufacturers and wholesalers. The program will also set terms for pharmacy participation, ensuring that all medical assistance providers and willing licensed pharmacies are enrolled.

Additionally, the bill mandates the commissioner to seek necessary federal approvals for the program's implementation, which is set to take effect on January 1, 2025, or upon federal approval, whichever is later. Furthermore, the commissioner is directed to develop recommendations for expanding the program to include enrollees of health plan companies that contract with the state, with a report due to legislative committees by December 15, 2025.