Provides that a product’s design is not defective if: (1) an injury occurs due to the inherent characteristics of a product, where the characteristics are recognized by the ordinary person with ordinary knowledge common to the community; or (2) an injury occurs because of a design which is state of the art, unless the manufacturer acted unreasonably in introducing the product into trade or commerce. Provides that a product is not defective due to lack of warnings if the risk is open and obvious or is a risk that is a matter of common knowledge. Establishes a complete defense for manufacturers and sellers of ethical drugs and/or devices if they have supplied adequate warnings to learned intermediaries, unless the FDA requires additional warnings. Provides that a drug manufacturer shall not be liable for punitive damages if the drug was approved by the FDA.