SECTION 1. Notwithstanding any general or special law to the contrary, there shall be a special commission established to investigate the use of maximum allowable costs lists, utilized by payers and pharmaceutical benefit managers to identify the maximum amount that a plan will pay for various prescription drugs. The commission’s review shall include, but not be limited to, current practices surrounding the determination and use of maximum allowable costs lists and their financial implications; industry-wide standardization for the development and use of maximum allowable costs lists; and transparency into the processes of developing and utilizing maximum allowable costs lists.

The commission shall consist of 10 members: the secretary of health and human services, or a designee; the speaker of the house of representatives, or a designee; the senate president, or a designee; the minority leader of the house of representatives, or a designee; the minority leader of the senate, or a designee; a representative from the Massachusetts Association of Health Plans; a representative from the Massachusetts Pharmacists Association; one person who shall be an advocate for health care providers, to be appointed by the governor; one person who shall be an advocate for pharmaceutical companies, to be appointed by the governor; and one person who shall be an advocate for pharmaceutical benefit managers, to be appointed by the governor.

The commission shall submit its report and findings, along with any draft of legislation, to the house and senate committees on ways and means, the joint committee on health care financing, and the clerks of the house of representatives and the senate within 180 days of the passage of this act.