FL S0706

Expands the use of institutional formulary systems to Class I institutional pharmacies, which previously could only administer drugs from individual prescription containers without dispensing on premises

Redefines "institutional formulary system" to include Class I institutional pharmacies alongside the existing Class II and Class III institutional pharmacies

Requires Class I institutional pharmacy formulary systems to have policies approved by medical staff that include detailed methods for drug selection, evaluation, and continuous review

Mandates a mechanism to inform prescribers before any drug substitution using a communication method designated by the prescriber, which must be documented in the patient's chart

Establishes processes allowing individual prescribers to opt out of the formulary system entirely or only for particular patients, with policies prohibiting penalties for prescribing medically necessary nonformulary drugs