Which of the following best defines the function of formulary management in pharmacy benefits?

Formulary management is fundamentally about overseeing drug therapy guidelines, which includes the systematic evaluation and selection of medications included in a health plan's formulary. This process involves determining which medications are to be covered by a health plan based on their efficacy, safety, and cost-effectiveness. By establishing these guidelines, formulary management plays a crucial role in ensuring that patients have access to appropriate therapies while also managing the overall costs for both the insurer and the patient.

This function encompasses various aspects, such as regularly reviewing and updating the formulary to reflect new therapeutic options or clinical evidence. The aim is to optimize patient outcomes by promoting the use of clinically effective medications while also ensuring that the coverage aligns with established standards of care.

The other options, while related to pharmacy benefits, do not capture the central aim of formulary management as accurately as overseeing drug therapy guidelines does. Managing claims submissions focuses on the administrative aspect of processing prescription claims. Maintaining drug coverage eligibility pertains to ensuring patients meet specific criteria for medication access but does not directly involve decision-making about which drugs are included in the formulary. Assessing the effectiveness of drug therapies is important but typically occurs within the broader process of evaluating clinical outcomes related to the medications on the formulary.