IL HB1544

Defines "custom compound medication" as a customized medication prepared by a licensed pharmacist combining ingredients to meet a specific patient's needs.

Requires custom compound medications to meet five approval standards: no commercially available equivalent exists, no FDA-approved alternative is appropriate, active ingredients have National Drug Codes and FDA approval, drugs haven't been withdrawn for safety, and prescriber can demonstrate clinical appropriateness.

Establishes pricing for custom compound medications based on the average wholesale price of each component drug's original manufacturer National Drug Code number, prorated for amounts used, plus a single dispensing fee determined by the Commission.

Limits initial prescriptions to a one-time 7-day supply; any supply exceeding 7 days requires preauthorization by the employer, though any 7-day supply meeting approval standards must be covered.

Effective immediately upon enactment.