§ 13-p. Comprehensive prescription drug formulary. The chair shall establish a comprehensive prescription drug formulary on or before December thirty-first, two thousand seventeen. The prescription drug formulary shall include a tiered list of high-quality, cost-effective medications that are pre-approved to be prescribed and dispensed, as well as additional non-preferred drugs that can be prescribed with prior approval. Such prescription drug formulary, shall include but not be limited to implementation of a pharmacy reimbursement strategy, administration of a prescription drug rebate program for formulary drugs, a pre-approval program, drug utilization review, and limitations on the prescribing of compounded medications and compounded topical preparations. The board shall promulgate regulations to permit an interested party to submit a request to the medical director of the board to alter or amend the formulary to consider changing the status of a drug from non-preferred to preferred. Regulations may include a provision for reasonable costs and fees associated with the review.