MI SB0704

Requires all pharmacies, manufacturers, and wholesale distributors to designate a pharmacist in charge (PIC) who is responsible for regulatory compliance, with the PIC working an average of at least 8 hours per week at each location.

Establishes accreditation requirements for pharmacies providing compounding services for sterile pharmaceuticals, with new applicants required to submit verification of accreditation and existing pharmacies having until September 30, 2015 to achieve accreditation or demonstrate USP standards compliance.

Prohibits compounding of commercially available pharmaceuticals except when the compounded version provides significant difference or when the commercial product is unavailable from normal distribution channels, with pharmacist documentation required for unavailability cases.

Restricts pharmacies from compounding pharmaceuticals for prescribers or health facilities without a prescription unless specifically authorized by the department, with authorization limited to 2-year periods and subject to monthly record-keeping and adverse event reporting.

Creates criminal penalties ranging from misdemeanors to felonies punishable by up to 15 years imprisonment for knowing or willful violations of compounding requirements, with enhanced penalties if violations result in personal injury, serious bodily impairment, or death.