The bill proposes the enactment of 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 any limitations on drug coverage, including prior authorization requirements, unless certain criteria are met.

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