(B) Subject to section 5167.123 of the Revised Code, the medicaid director shall establish a state maximum allowable cost program for purposes of managing medicaid payments to terminal distributors of dangerous drugs for prescribed drugs identified by the director pursuant to this division. The director shall do all of the following with respect to the program:

1. (1) Identify and create a list of prescribed drugs to be included in the program.
2. (2) Update the list of prescribed drugs described in division (B)(1) of this section on a weekly basis.
3. (3) Review the state maximum allowable cost for each prescribed drug included on the list described in division (B)(1) of this section on a weekly basis.