What is a “Formulary”?
Simply stated, a formulary is a list of medications available to your health care provider to use in your treatment and covered as a prescription drug benefit for you. Most hospitals have used formularies for years to control costs while still providing quality medications. Health plans and even some large medical groups have turned to formularies to help put a lid on rising medication costs.
Each Medicare prescription drug plan will have a list of drugs it covers. This list is called a formulary. At Blue Shield of California, the formulary is developed and maintained by the Pharmacy and Therapeutics (P&T) committee and contains medications that have been reviewed for safety and efficacy and whether it has Food and Drug Administration (FDA) approval. The Blue Shield of California P&T Committee includes physicians and clinical pharmacists in community practice. The committee reviews and updates the formulary at least quarterly to assist physicians in prescribing medically appropriate and cost-effective medications.
A Formulary is simply a preferred list of the quality, cost-effective medications that can be prescribed by physicians and are covered under the prescription drug benefit. Using a formulary helps us keep premiums as low as possible by controlling the rising cost of prescription drugs. The Three Tier Formulary Guide should be taken to the physician s office with each visit. This will help your physician to prescribe generic and brand name medications that are currently on our Formulary (1st and 2nd tier copay levels). It also identifies drugs for which the physician will need to obtain prior approval before prescribing.
A Formulary is simply a preferred list of the quality, cost-effective medications that can be prescribed by physicians and are covered under the prescription drug benefit. Using a formulary helps us keep premiums as low as possible by controlling the rising cost of prescription drugs. The Four Tier Formulary Guide should be taken to the physician s office with each visit. This will help your physician to prescribe generic and brand name medications that are currently on our Formulary (1st and 2nd tier copay levels). It also identifies drugs for which the physician will need to obtain prior approval before prescribing.
