What does formulary mean in medical terms?
A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Also called a drug list.
What is the purpose of formularies in pharmacy?
The primary purpose of the formulary is to encourage the use of safe, effective and most affordable medications. A formulary system is much more than a list of medications approved for use by a managed health care organization.
Why is formulary important?
The drug formulary establishes which drugs are going to be accessible and most affordable for doctors to prescribe. If a drug is not on a formulary, the patient will very likely have more out-of-pocket costs in order to be able to take the medication their doctor recommends.
What does non formulary mean NHS?
It is recognised that on occasion clinicians may wish to use a medicine or formulation for a particular service user that is not listed in the formulary.
What is formulary process?
A formulary is a list of prescription drugs that are covered by a specific health care plan. A formulary can contain both name-brand and generic drugs. Patients pay co-pays on formulary drugs. If a drug is not on the list, the patient will pay much more, up to the full cost of the drug.
What does formulary vs non-formulary mean?
A drug formulary is a listing of prescription medications in different categories that determines how much you will pay for the medication. If a medication is “non-formulary,” it means it is not included on the insurance company’s “formulary” or list of covered medications.
What does it mean if a drug is non-formulary?
Drugs that are usually considered non-formulary are ones that are not as cost effective and that usually have generic equivalents available.
What does standard formulary mean?
A formulary is a list of generic and brand name prescription drugs covered by your health plan. Your health plan may only help you pay for the drugs listed on its formulary. It’s their way of providing a wide range of effective medications at the lowest possible cost.