AN ACT RELATING TO FOOD AND DRUGS -- PRESCRIPTION DRUG COST PROTECTION

This bill establishes a price cap for prescription drugs purchased by the state, public health plans, and private ERISA plans that choose to join the program. It requires these entities to pay no more than a specific "maximum fair price" set by the federal government for certain drugs, while still allowing pharmacies to charge a separate fee for dispensing the medication. Participating organizations must report any money saved from these lower prices to the insurance commissioner and use those funds to reduce costs for their members or promote health equity. The law also mandates that drug sellers maintain a local office in Rhode Island and authorizes the attorney general to impose fines on anyone who violates the pricing rules.