The bill enacts a new section, 3902.65, of the Revised Code, which establishes regulations regarding prescription drugs and medication switching under 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 higher cost-share tier, or removing a drug from the formulary during a health benefit plan year, unless specific conditions are met, such as safety concerns raised by the FDA or the drug being discontinued by the manufacturer. The bill also allows for certain permissible activities, such as pharmacists substituting generically equivalent drugs and covered persons opting for these alternatives.

Additionally, the bill outlines that if the wholesale acquisition cost of a drug increases significantly during a plan year, the restrictions on cost-sharing and formulary changes may not apply for the remainder of that year. Health plan issuers must maintain documentation justifying any actions taken in response to such price increases. Violations of this section are classified as unfair and deceptive practices in the insurance business. The provisions of this new section will apply to health benefit plans that are delivered, issued for delivery, modified, or renewed on or after January 1, 2028.