The "Cure Act" establishes a multistate compact in South Carolina aimed at incentivizing the development of cures for certain diseases through substantial cash prizes. Central to this initiative is the creation of the Cure Compact Commission, which will oversee the review of treatment submissions, award prizes, and ensure compliance with established standards. The commission will consist of representatives from each participating state and will operate under specific guidelines, including a two-thirds majority vote for prize approvals. It will also manage financial aspects related to the prizes, including setting prices for cures and collecting royalty fees from manufacturers in noncompacting states.

In addition to outlining the commission's governance structure, the bill details its operational procedures, including record management, ethical standards, and transparency measures. The commission will be funded through annual dues from compacting states, calculated based on population, and will be responsible for conducting annual audits to maintain financial transparency. The bill also includes provisions for the appointment of an executive director, the formation of a management committee, and the legal protections for commission members. It stipulates that the compact remains effective as long as at least two states are participating and provides a framework for states to join or withdraw from the compact. The act will take effect upon the Governor's approval.