The Access to Lifesaving Medicines Act aims to enhance access to prescription drugs by prohibiting certain health insurers and pharmacy benefits managers from imposing excessive costs on insured individuals. The bill defines key terms related to prescription drug pricing, including "adjusted out-of-pocket amount," "excess cost burden," and "rebate." It mandates that health insurers and pharmacy benefits managers cannot impose an excess cost burden on insured individuals when issuing or renewing health benefit plans that include prescription drug coverage. Additionally, pharmacy benefits managers are required to offer health benefit plans the option to extend point-of-sale rebates to enrollees.

The legislation establishes a framework for prescription drug cost-sharing, ensuring that insured individuals pay the lesser of several specified amounts, including the applicable copayment, maximum allowable cost, and adjusted out-of-pocket amount. The Insurance Commissioner is tasked with promulgating rules to implement these provisions. The act is set to take effect on November 1, 2025.