What Is Formulary Medicine?
Formulary medicine is a list of prescription drugs covered under a particular medication plan. The medications on formularies are typically chosen by such factors as cost, safety and effectiveness. Patients can obtain the drugs, or their generic equivalents, by paying a co-pay amount, generally a fraction of the drug’s cost otherwise.HistoryThe practice of drawing up a list of approved medications is thought to have begun at New York City’s Bellevue Hospital in the 1930s. A formulary committee was established to assess various medications used to treat the hospital’s patients and find the best ones. Before that, medications were compounded by both apothecaries and physicians; there were no standards.Keeping Costs LowThe primary reason costs are kept down for formulary medicines is that insurers negotiate prices with manufacturers. In return for being on the approved list, which means a steady sales volume, manufacturers must sell the drugs at a substantial discount.Formulary FinderA Me
