The proposed bill establishes a Wholesale Prescription Drug Importation Program in Rhode Island, aimed at allowing the wholesale importation of prescription drugs from Canada to provide cost savings for consumers. The program will be designed in accordance with federal regulations and will require the state to obtain approval and certification from the U.S. Department of Health and Human Services. Key design elements include the designation of a state agency to become a licensed drug wholesaler or to contract with a licensed drug wholesaler, the use of Canadian suppliers regulated under Canadian law, and the assurance that only FDA-approved drugs that are expected to generate substantial cost savings will be imported. Additionally, the program will prohibit the distribution, dispensing, or sale of imported drugs outside of Rhode Island.

Implementation of the program will begin upon receipt of federal approval, with a timeline for operation set within six months of certification. The bill outlines various requirements for the state agency overseeing the program, including becoming a licensed drug wholesaler or contracting with one, contracting with licensed distributors and Canadian suppliers, consulting with health insurance carriers, employers, pharmacies, and healthcare providers, developing a registration process for participating entities, creating a publicly accessible website for drug pricing, and providing a telephone hotline for consumer inquiries.

Furthermore, the executive office of health and human services, or the designated state agency, will be required to report annually on the program's implementation, including details on the prescription drugs included, the number of participating pharmacies and healthcare providers, the number of drugs dispensed, estimated cost savings, and audit findings. The act will take effect upon passage.