Restricts compounding of drugs using bulk drug substances unless certain requirements are met. Requires persons selling, transferring, or distributing compounded drugs to maintain specified records. Requires the Indiana department of health to prepare a report concerning the oversight of drug compounding and the posed risks of compounding. Beginning January 1, 2027, requires the registration of medical spas under the Indiana board of pharmacy (board). Requires the board to establish and maintain a public data base concerning registered medical spas. Requires a medical spa to designate a responsible person that is physically present for a sufficient time to ensure compliance with requirements as part of registration. Requires a medical spa to notify the board after a serious adverse event. Allows the board to take disciplinary action, including the suspension of a medical spa registration.