The bill mandates a legislative management study on prescription drug pricing during the 2025-26 interim, focusing on the maximum fair price for drugs as determined by the federal government. The study will examine federal drug price negotiations under the Federal Inflation Reduction Act of 2022 and assess the impact on drugs covered by the public employees retirement system, aiming to identify potential 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, and the state board of pharmacy. Following the study, the legislative management is required to report its findings and recommendations, along with any necessary legislation, to the seventieth legislative assembly.