(1) Study:

(i) The entire pharmaceutical distribution and payment system in the State; and

(ii) Policy options being used in other states and countries to lower the list price of pharmaceuticals, including:

1. Setting upper payment limits;

2. Using a reverse auction marketplace; and

3. Implementing a bulk purchasing process; and

(2) Report its findings and recommendations, including findings for each option studied under item (1)(ii) of this section and any legislation required to implement the recommendations, to the Senate Finance Committee and the House Health and Government Operations Committee in accordance with § 2-1257 of the State Government Article.