Health: pharmaceuticals; prescription drug cost and affordability review act; create. Creates new act.

HB 4544 creates Michigan's Prescription Drug Affordability Board and Stakeholder Council to review and set price limits for prescription drugs. The Board will establish upper payment limits for brand-name, generic, biologic, and biosimilar drugs, requiring manufacturers to justify price increases above the Consumer Price Index. This directly affects drug manufacturers, health insurers, pharmacy benefit managers, and patients by limiting how much they can charge for covered medications. The law aims to improve drug affordability through state oversight, with the Board required to conduct annual reviews and set rules for pricing.