The Act would enact Section 194.01 of the Ohio Revised Code to require that notwithstanding any other provision of law and in so far as permissible under federal law, the State of Ohio shall not enter into any agreement for the purchase of prescription drugs or agree to pay, directly or indirectly, for prescription drugs, including where the state is the ultimate payer, unless the net cost is the same or less than the lowest price paid for the same drug by the U.S. Department of Veterans Affairs. Among other provisions, the Act also:

Sets forth the title of the Act as "The Ohio Drug Price Relief Act."

Sets forth Findings and Declarations and Purposes and Intent of the Act.

Sets forth factors in determining "net cost."

Authorizes state departments, agencies and other state entities to adopt administrative rules to implement the provisions of the Act.

Provide that the Act shall liberally construed to effectuate its purpose.

Provide that if any provision of the Act is held to be invalid, the remaining provisions shall remain in effect.

Provide that if the Act is challenged in court, it shall be defended by the Attorney General.

Declare that the committee of individuals responsible for circulation of the petition ("the proponents") have a direct and personal stake in defending the Act and any one or more of them may do so in court if challenged. Provide that the proponents shall be indemnified by the state for their reasonable attorney's fees and expenses in defending against a legal challenge to the Act. Provide that the proponents shall be jointly and severally liable to pay a civil fine of $10,000 to the state if the Act or any of its provisions are held by a court to be unenforceable, but shall have no other personal liability.

Provide that in the event that the Act and another law are adopted by the voters at the same election and contain conflicting provisions and the Act received less votes, the non-conflicting provisions of the Act shall take effect.

Require the General Assembly to enact any additional laws and the Governor to take any additional actions required to promptly implement the Act.