The bill aims to extend prior authorization requirements to pharmacy benefits managers under the Health Care Purchasing Act, limiting prior authorization for drugs treating serious mental illness and chronic health conditions. It mandates standardized forms for authorization requests, electronic portal systems, and imposes penalties on non-compliant insurers. Furthermore, it prohibits prior authorization for drugs treating serious mental illness, autoimmune disorders, cancer, rare diseases, and conditions without medical necessity determinations. Additionally, it prohibits step therapy requirements for these conditions. The bill outlines review processes, and it will apply to policies issued by health insurers or pharmacy benefits managers on or after January 1, 2027.