The bill proposes a legislative management study focused on prescription drug pricing during the 2025-26 interim. It aims to evaluate the maximum fair price for drugs as determined by the federal government, specifically referencing the Federal Inflation Reduction Act of 2022. The study will assess the implications of federal drug price negotiations and their potential overlap with drugs covered by the public employees retirement system, with the goal of identifying usage patterns and possible cost savings for both the state and consumers.

To ensure a comprehensive analysis, the study will gather input from various stakeholders, including the public employees retirement system, the insurance commissioner, the state board of pharmacy, and other relevant parties. Following the study, the legislative management is required to report its findings and recommendations, along with any necessary legislation to implement these recommendations, to the seventieth legislative assembly.