You are absolutely correct in your statement but I believe the warnings from ISMP 3.6 refer to the routine dilution of drugs in the flush syringe for non-emergency use with the risk of mislabeling (or absent label) being there and inadvertently giving the wrong drug to the patient. In the original case, in the absence of premixed syringes and during a crisis situation with very limited time, the syringe is being mixed and immediately being administered to the patient within a matter of seconds (benefits greatly outweigh the risks scenario). The syringe would never have the mislabeling risk as it would be given immediately by the pharmacist anyway. I believe this practice in a code blue situation is not what the ISMP is intending to cover, but certainly for the routine compounding of medications in flushes for routine use, in a medical office, or for routine procedures as batched by the pharmacy.
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