What is a formulary?

A formulary is a continually updated list of favored drugs that are approved for use within a specific healthcare system or insurance plan. This list plays a crucial role in managing medication coverage and ensuring that patients have access to necessary medications in a cost-effective manner.

The drugs included in a formulary are typically selected based on clinical effectiveness, safety, and cost, reflecting the preferences and decisions made by a committee of healthcare professionals. This ensures that the best therapeutic options are available while also promoting the use of cost-efficient medications, ultimately supporting both patient care and the overall healthcare system's budget.

While other choices mention various lists or inventories, they do not encapsulate the primary function and purpose of a formulary, which is specifically focused on medications rather than services or general staff tasks. Additionally, an inventory of all pharmacy stock, although related to medications, serves a different purpose in managing pharmacy operations rather than guiding medication therapy decisions.