The "Cure Act" proposes the establishment of a multistate compact in South Carolina to create a Cure Compact Commission, which will oversee the awarding of significant cash prizes for successful cures of specific diseases. The bill delineates the commission's powers and responsibilities, including the review of treatment submissions, setting meeting and voting protocols, and adopting necessary regulations. The commission will also determine the pricing of cures, collect royalty fees, and manage the distribution of funds related to prize awards. It outlines criteria for eligible diseases, submission procedures, and the responsibilities of participating states regarding prize payments, all aimed at fostering medical innovation and enhancing public health.

Additionally, the bill establishes a governance framework for the commission, including the formation of a management committee and the appointment of an executive director. It mandates financial accountability through annual audits and transparent reporting, while also detailing the process for states to withdraw from the compact and the consequences of noncompliance. The commission's actions will be binding on compacting states, although states retain autonomy over their laws. The act will come into effect upon the Governor's approval, promoting a collaborative approach to health advancements across participating states.