Enacting the prescription drug cost and affordability review act to establish the prescription drug pricing board and prescription drug affordability stakeholder council to review the cost of prescription medications and establish upper payment limits for certain prescription drugs.

SB 212 establishes a Prescription Drug Affordability Board within Kansas' Insurance Department and a Prescription Drug Affordability Stakeholder Council. The Board will review prescription drug costs and set upper payment limits for certain brand name, generic, biologic, and biosimilar drugs using the Consumer Price Index as a benchmark. The Council, with 21 members representing manufacturers, pharmacies, insurers, employers, and the public, will advise the Board on pricing. This bill directly affects drug manufacturers, health insurers, pharmacies, and patients by creating a formal process to cap prices for specific prescription medications.