What is a formulary in the context of pharmacy practice?

A formulary in pharmacy practice refers to a curated list of medications that are approved for use within a specific health system or insurance plan. This list is designed to promote safe, effective, and cost-efficient prescribing. Formularies are vital tools that help healthcare providers determine which drugs are available for patients, ensuring that the medications prescribed are covered by the patient's insurance, thus aiding in managing healthcare costs.

The rationale behind having a formulary includes considerations for drug efficacy, safety, and overall therapeutic value within the context of the population served. It often includes preferred medications that have been assessed for their therapeutic benefits and cost-effectiveness, leading to improved patient care.

While schedules of controlled substances, databases of patient health records, and guides for alternative medications serve important roles in healthcare, they do not encapsulate the distinct purpose of a formulary, which focuses specifically on the inclusion of selected medications for formulary management by health systems and insurance providers.