The Oklahoma Breakthrough Therapy Act establishes a framework for conducting clinical trials on ibogaine, a substance used in therapeutic settings, by defining key terms and outlining the responsibilities of drug developers. The Act mandates that drug developers must provide a comprehensive strategy for obtaining FDA approval, including trial design and participant recruitment protocols, before contracting with the State Department of Health. Additionally, the drug developers are required to match state funding for the trials and ensure broad access to ibogaine treatment for Oklahoma residents once approved. The Act also emphasizes the importance of recognizing the state's economic interest in any intellectual property generated from these trials.

Furthermore, the Act creates an ibogaine intellectual property account within the Office of the State Treasurer, where proceeds from the commercialization of related intellectual property will be deposited and used for programs benefiting at-risk populations. It also protects licensed medical professionals from adverse licensing actions for recommending ibogaine therapy services. The Act is set to take effect on November 1, 2026, and includes provisions for regular reporting on the progress and financial status of the clinical trials to the Legislature.