The bill establishes the Insulin Access and Affordability Program, which will be administered by the State Department of Health. The program aims to enhance patient access to affordable insulin, promote competition in the marketplace, and address shortages of generic insulin. To support this initiative, the Department will provide financial assistance to a nonprofit pharmaceutical manufacturer that is developing a fast-acting biosimilar insulin, contingent upon the manufacturer matching the state funds with non-state funds.

Before any funds are disbursed, the Department must enter into a memorandum of understanding (MOU) with the manufacturer, which will outline several commitments. These include the manufacturer's obligation to produce the biosimilar insulin at a low net cost, estimated savings for residents and payors, repayment provisions if the manufacturer fails to deliver the product, and annual reporting on the development progress. The bill is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage and approval.