This bill creates a Prescription Drug Affordability Review Board to protect Wisconsin residents and other stakeholders from high prescription drug costs. The board consists of members representing different stakeholders, such as the pharmaceutical industry, health insurance industry, health care industry, and the public. The board must review prescription drug pricing information, conduct drug cost affordability reviews, and establish upper payment limits for certain prescription drugs if it determines they will lead to an affordability challenge for the health care system in Wisconsin. The bill also creates an Office of Prescription Drug Affordability within the Office of the Commissioner of Insurance to oversee the board’s operations and provides funding and positions for the new office.