The bill enacts a new section, 3902.65, of the Revised Code, which establishes regulations regarding prescription drugs and medication switching for health benefit plans in Ohio. It prohibits health plan issuers from increasing a covered person's cost-sharing for a drug, moving a drug to a more restrictive formulary tier, or removing a drug from the formulary unless specific conditions are met, such as safety concerns raised by the FDA or the drug being permanently discontinued by the manufacturer. Additionally, it restricts health plan issuers from limiting or reducing coverage of a drug in other ways, including imposing prior authorization requirements.

The bill also clarifies that it does not prevent health plan issuers from adding drugs to their formularies or removing drugs that are no longer available for sale in the U.S. It allows healthcare providers to prescribe alternative medications deemed medically appropriate and permits pharmacists to substitute generically equivalent drugs or interchangeable biological products. Furthermore, if the wholesale acquisition cost of a drug increases significantly during a plan year, the restrictions on that drug will no longer apply for the remainder of the year. Violations of this section are classified as unfair and deceptive practices in the insurance business.