Formulary (pharmacy)
Formulary (pharmacy)
A Formulary (pronunciation: /ˈfɔːrmjʊlɛri/), in the context of pharmacy, is a list of medications that are approved to be prescribed by healthcare providers under a specific health insurance policy.
Etymology
The term "formulary" is derived from the Latin word "formula", which means a small pattern or a rule. In the context of pharmacy, it refers to a list or a pattern of medications that are approved for use.
Overview
A formulary often includes a tiered system of coverage, which is designed to encourage patients to select less expensive, generic drugs over more expensive, brand-name drugs. The formulary is typically developed and maintained by a committee of healthcare professionals, known as a Pharmacy and Therapeutics Committee, who review and update the formulary on a regular basis.
Related Terms
- Pharmacy Benefit Manager (PBM): A third-party administrator of prescription drug programs.
- Prior Authorization: A requirement that a healthcare provider obtain approval from the health insurance plan to prescribe a specific medication for a patient.
- Step Therapy: A type of prior authorization where a patient is required to try one or more alternative, lower-cost medications before a higher-cost medication is approved.
- Drug Formulary Review: The process by which a healthcare organization determines which drugs it will make available for its members and at what cost.
See Also
External links
- Medical encyclopedia article on Formulary (pharmacy)
- Wikipedia's article - Formulary (pharmacy)
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