This article provides an account of the legal situation around independent nurse prescribing, unlicensed medicines, and mixing medicines (see here and here). Although it is the responsibility of the relevant health professional to decide if the person has needs that can only be met by an unlicensed medicine, the author believes it is likely that trusts and boards will seek to limit their use on cost grounds. At present, the situation about controlled drugs has not changed, so mixing products that would create an unlicensed controlled drug is not covered.
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Griffith R and Tengnah C. Prescribing and administering unlicensed medicines. Br J Community Nursing 2010; 15(5): 232-235.