Drug Formulary Management
What is a Formulary?
A drug formulary, or preferred drug list, is a continually updated list of medications and related products supported by current evidence‐based medicine, judgment of physicians, pharmacists and other experts in the diagnosis and treatment of diseases. The primary purpose of the
formulary is to be used as a tool for assuring the selection of medications demonstrated to be safe, effective and affordable while maintaining or improving quality patient care and promote positive therapeutic outcomes.
A formulary system includes the methodology an organization uses to evaluate clinical and medical literature and the approach for selecting medications for different diseases and conditions of patients. Policies and procedures for the
procuring, dispensing, administering and appropriate utilization of medications are also included in the system.
Formulary Development
The medications and related products listed on a formulary are determined by a pharmaceutical and therapeutic (P&T) committee. P&T committees are comprised of primary care and specialty physicians, pharmacists and other professionals in the health care field. Such a P & T Committee in India is the National Formulary of India.
P&T committees compare medications by therapeutic classifications or upon similarities in clinical use. When two or more medications produce similar effectiveness and safety results in patients, then business elements like cost, supplier services, ease of delivery or other unique properties of the agents are considered when determining which agent to include on the formulary. The overall goal of the most reasonable cost is then achieved.
How will Sanyog’s Formulary Development plan help the hospital pharmacies.
Approved and efficacious medicines that all practitioners will have available for use
Only the most effective and safest products
Medicines have been evaluated systematically
Medicines are chosen and approved to treat the diseases of the region or country
Physicians develop greater experience with fewer medicines
Pharmaceutical therapy at lower cost
Ineffective, high‐cost medicines will be excluded from system
Availability of most effective medicines leads to fewer visits, improved outcomes, and lower costs.
Consistent supply of medicines
Regulating the number of medicines will improve procurement and inventory management
Economies of scale will increase availability of essential medicines
Reduced manpower and reduced rentals of pharmacy space leading to savings
More money through savings leads to consistency in purchasing essential medicines which in turn leads to increased availability
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