Section 25I. The department, in conjunction with the board of registration in pharmacy and the division of medical assistance, shall establish and implement guidelines to reduce medication waste in facilities licensed by the department, the department of mental health and the department of corrections. The department shall establish such guidelines, based on its review, that are determined to be effective in reducing waste without imposing unreasonable costs on the health care delivery system. In establishing such guidelines the department may consider the following: (i) current technology, standards and reimbursement mechanisms for dispensing and distributing medications to facilities; (ii) requirements implemented in other states for limiting prescription drug waste and any cost-savings realized; (iii) the commonwealth’s standards for the return and re-dispensing of patient-specific schedule VI prescription drugs; and (iv) possible incentive mechanisms to prevent prescription drug waste. The department shall promulgate regulations to implement this section.