formulary

noun

for·​mu·​lary ˈfȯr-myə-ˌler-ē 

plural formularies

1

: a collection of prescribed forms (such as oaths or prayers)

2

: formula sense 1

3

: a book listing medicinal substances and formulas

formulary adjective

Examples of formulary in a Sentence

Recent Examples on the Web

Here, drug makers offer PBMs rebates that reduce net prices in exchange for preferential positioning on formulary, which in turn can move market share towards preferred products. —Joshua P. Cohen, Forbes, 16 Dec. 2024

Typically, PBMs are the entities in the prescription drug supply chain that negotiate net prices and corresponding rebates with drug makers in exchange for favorable positioning of products on formularies, or lists of therapeutics covered by insurance. —Joshua P. Cohen, Forbes, 6 Nov. 2024

Caremark negotiates drug discounts with manufacturers on behalf of insurance plans and creates lists of medications — or formularies — that are covered by insurance and reimburses pharmacies for prescriptions. —Annika Kim Constantino, CNBC, 6 Nov. 2024

Some refer to this as establishing rebate walls, defined as exclusionary contracting practices that a drug manufacturer deploys to limit the ability of rivals from gaining preferred access to the formulary, or any access at all. —Joshua P. Cohen, Forbes, 6 Nov. 2024

Word History

First Known Use

1541, in the meaning defined at sense 1

Medical Definition

formulary

noun

for·​mu·​lary ˈfȯr-myə-ˌler-ē 

plural formularies

1

: a book containing a list of medicinal substances and formulas see national formulary

2

: an official list of generic and brand name pharmaceutical drugs designated by a health insurance provider as approved for coverage under the provider's pharmacy plan benefits