(a) No pharmacist complying with the provisions of this act shall be liable in any way for the dispensing of a generically equivalent drug or interchangeable biological product unless the generically equivalent drug or interchangeable biological product was incorrectly substituted.

(b) In no event when a pharmacist substitutes a drug or interchangeable biological product shall the prescriber be liable in any action for loss, damage, injury or death or any person occasioned by or arising from the use of the substituted drug or interchangeable biological product unless the original drug was incorrectly prescribed.

(c) Nothing in this act shall affect hospitals or other health care facilities licensed or approved by the Department of Health with the development and/or maintenance of a hospital formulary system in accordance with that institution's policies and procedures that pertain to its drug distribution system developed by the medical staff in cooperation with the hospital's pharmacist and administration.