The purpose of the Retaining Access and Restoring Exclusivity Act, also known as the RARE Act, is to change how the approval and licensing of drugs for rare diseases are handled. Specifically, it aims to limit the exclusivity period that a drug can have when it is approved for a rare condition. This is intended to increase competition and access to treatments for patients with rare diseases. Key provisions of the RARE Act include amendments to existing laws regarding orphan drugs, which are medications designed for rare diseases.