Sets forth drug compounding requirements. Requires specified agencies to prepare a report concerning drug compounding and the risks and benefits of compounding. Beginning January 1, 2027, requires the registration of medical spas under the medical licensing board of Indiana (board). Requires the board to establish and maintain a public data base concerning registered medical spas. Requires a medical spa to designate a responsible practitioner that meets certain requirements and specifies duties of the responsible practitioner. Requires a medical spa to notify the board after a serious adverse event. Allows the board to investigate a responsible practitioner concerning an alleged violation and forward any substantiated claim to the governing board of the responsible practitioner. Prohibits a medical spa from providing health care services and cosmetic and lifestyle treatments in a location other than the medical spa. Requires a medical spa to comply with certain advertising requirements.