An improved medication dispenser station is provided for controlled access storage of medications and other pharmaceuticals in a medical facility, such as a hospital or the like. The dispenser station comprises a housing with a plurality of normally locked drawers which have been preloaded with selected pharmaceutical items. A control unit on the housing is programmed to unlock the drawers one at a time to permit access to the contents thereof, with such access being contingent upon keyboard entry of a predetermined access code and other selected information sufficient to generate an access record. In a preferred form, each drawer includes multiple compartments containing multiple pharmaceutical items in a presorted array. One or more of the drawers desirably includes a multicompartment carousel tray which rotates in response to appropriate data entry via the keyboard to align and lock a designated compartment for access through an access opening in an overlying cover plate, thereby restricting access to a single compartment of the rotatable tray.