DHFS-PHARMACEUTICAL COLLAB ACT. Creates the Illinois Pharmaceutical Collaborative Act. Requires the Department of Healthcare and Family Services to convene the Illinois Pharmaceutical Collaborative (Collaborative) to address the rising cost of pharmaceutical drugs. Provides that the Collaborative shall be chaired by the Director of Healthcare and Family Services and its activities shall be coordinated by the Department. Provides that the Collaborative shall meet twice a year and that its mission shall be to coordinate the efforts of State and local government entities to identify and implement opportunities for cost savings with regard to the purchase of pharmaceuticals, particularly pharmaceuticals that are considered high-cost drugs. Contains provisions concerning the composition and duties of the Collaborative; Department contracts with manufacturers and suppliers of single source or multisource pharmaceuticals; the appointment of a pharmaceutical benefits manager; State participation in a prescription drug bulk purchasing program; and reporting requirements.