SB 721 creates the Access to Lifesaving Medicines Act. The measure prohibits health insurers and pharmacy benefit managers from imposing excess cost burden on an insured. When contracting with a health benefit plan to administer pharmacy benefits, the measure requires a pharmacy benefits manager to offer the carrier or health plan the option of extending point-of-sale rebates to enrollees of the plan. The measure specifies certain prescription drug cost maximums related to prescription drug cost sharing for an insured. Lastly, the measure requires the Insurance Commissioner to promulgate rules and regulations.