This bill establishes a committee to study the impact of pharmacy benefit manager (PBM) operations on the cost, administration, and distribution of prescription drugs. The committee is composed of one member of the senate, appointed by the president of the senate, and three members of the house of representatives, appointed by the speaker of the house. Members will receive mileage compensation at the legislative rate for their service. The committee's duties include examining the effects of PBMs on health insurance costs, consumer savings, the use of clawbacks, steering to mail-order pharmacies, retail pharmacy pricing, oversight of PBMs, accessibility issues, plan design, and whether PBM formulary tactics constitute the practice of medicine. The committee is empowered to solicit information and testimony from relevant individuals or entities.

The committee is required to elect a chairperson from among its members, with the first meeting to be called by the senate member within 45 days of the act's effective date. A quorum for the committee is set at three members. The committee must report its findings and any recommendations for proposed legislation to the president of the senate, the speaker of the house of representatives, the senate clerk, the house clerk, the governor, and the state library by November 1, 2024. The act is effective from July 3, 2024, the date of its approval. There are no insertions or deletions marked in the provided text, indicating that it is a new piece of legislation without amendments to existing law.