FL S1180

Allows licensed veterinarians to administer compounded drugs to animal patients and dispense compounded drugs to the patient's owner or caretaker without violating the Florida Pharmacy Act.

Defines "maximum allowable cost" as the per-unit reimbursement amount that pharmacy benefits managers pay pharmacists for prescription drugs, excluding dispensing fees and cost-sharing charges.

Requires pharmacy benefits manager contracts with pharmacies to include provisions for updating maximum allowable cost pricing information at least every 7 calendar days.

Mandates pharmacy benefits managers maintain a timely process to remove drugs from maximum allowable cost lists or adjust prices to reflect changes in pricing data and product availability.

Takes effect July 1, 2015.