What is the main purpose of a medication formulary?

The main purpose of a medication formulary is to provide a comprehensive list of approved medications that are available for use within a healthcare institution. This list typically includes essential information about each medication, such as indications, dosages, administration guidelines, and any pertinent safety information.

By having a formulary in place, healthcare institutions can ensure that their healthcare professionals have access to safe and effective medications that meet the specific needs of their patient population. Additionally, a formulary can help standardize medication use within the institution, improve the quality of care, facilitate cost management, and enhance patient safety by minimizing the risk of medication errors.

The presence of a formulary also promotes the use of evidence-based practices, as the medications included are often determined based on their effectiveness, safety profiles, and overall value. This structured approach helps streamline medication management and supports clinicians in making informed prescribing decisions.