Audit of Medicaid program prescription drug costs.

Provides that the office of the attorney general, or an independent auditor with experience auditing expenses related to prescription drugs that is hired through a request for proposal process by the attorney general, shall conduct an audit concerning prescription drug costs for the Medicaid program. Requires the auditor to examine cost sharing, spread pricing, patient steering, proper brand and generic definitions, effective rate clawbacks, medical loss ratio inflation, formulary compliance, discriminatory pricing, and any other metric determined by the attorney general. Provides that the audit look back period for the initial audit must be the previous five state fiscal years. Provides that the audit look back period for every audit conducted thereafter must be the previous three state fiscal years. Provides that the results of an audit must be provided to the legislative council.