What is the best description of a formulary? Select one: a. List of unapproved medications b. List of unapproved abbreviations c. List of approved medications d. List of medically necessary medications
The correct answer and explanation is:
The correct answer is: c. List of approved medications
A formulary is a carefully selected list of medications that have been approved for use within a particular healthcare system, hospital, or insurance plan. This list is developed by a committee of healthcare professionals, often called a Pharmacy and Therapeutics Committee, who evaluate drugs based on their efficacy, safety, cost-effectiveness, and therapeutic value. The primary goal of a formulary is to promote the rational use of medications to ensure patients receive the most appropriate drug therapy.
Formularies help standardize prescribing practices, reduce medication errors, and control costs by limiting the available medications to those that have been thoroughly reviewed. By having a set list of approved medications, healthcare providers are guided towards using drugs that are proven to be effective and safe, minimizing the use of unnecessary or experimental treatments.
There are different types of formularies, including open formularies that allow prescribers more flexibility to prescribe medications outside the list, and closed formularies that restrict prescribing strictly to the approved list. Some formularies are also tiered, where drugs are categorized by cost and coverage level, influencing patient copayments.
Formularies are important not only in hospitals but also in managed care organizations and insurance companies. They help to manage the overall quality of care and optimize healthcare resources. Medications not included on the formulary typically require special approval before being dispensed to ensure the decision to use them is justified.
In summary, a formulary is an organized, evidence-based list of medications approved for use to ensure safe, effective, and economical drug therapy within a healthcare setting.