The Drug Facts panel
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If the product is a drug, the label carries a Drug Facts panel, and the panel is specified down to type size.
What it is
A standardized block, set out in 21 CFR 201.66, that every OTC drug carries so a consumer can read any two products the same way. Headings in a fixed order, a fixed typeface treatment and a rule structure that is part of the requirement rather than a design convention.
The headings, in order
Active ingredient, with the purpose alongside it.
Purpose: for a lip protectant, "skin protectant".
Uses, in the prescribed wording.
Warnings, including when to stop use and ask a doctor, and keep out of reach of children.
Directions.
Other information, where required.
Inactive ingredients, alphabetically, note the contrast with a cosmetic, where the whole list runs in descending order of predominance under INCI.
And the name and address of the manufacturer, packer or distributor.
The format rules are real rules
Minimum type sizes, minimum leading, bullets, a box or comparable enclosure, and a specified order. They are enforceable requirements and not a template you may improve on.
The practical effect is that the panel is large. On a standard lip balm tube it is the dominant element of the label, which is what the small-package provision exists to address.
It replaces nothing
The Drug Facts panel sits alongside the ordinary labeling obligations rather than instead of them: the identity, the net quantity, your name and address.
A product that is a drug AND has cosmetic attributes, a tinted, flavored lip protectant, carries the drug labeling and the cosmetic ingredient declaration, which is where the surface area problem becomes acute.