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About Formulary
Recently you may have heard about formularies. Formularies
have been used in hospitals for many years. Many health
plans utilize them and most recently some medical groups
have started relying on formularies. What is a formulary,
how does it work and how will it affect you are just some
of the questions we would like to answer for you. |
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Q:
What is a formulary?
A: 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. |
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Q:
Are there different types of formularies?
Basically, there are two types of formularies. An open
formulary is a list of medications from which your health
care provider can prescribe. In addition he or she would
also be able to prescribe medications not on the formulary.
A closed formulary allows your doctor to prescribe from
the formulary list. All other medications (called non-formulary)
would not be covered. |
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Q:
Why are formularies necessary?
A: Medication costs continue to rise. Formularies list
those medications which offer the best value without sacrificing
quality of care. Keeping a lid on rising prescription
costs help all of us reduce health care and premium costs. |
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Q:
Who decides which medications are on the formulary?
A: Medications are added or deleted from a formulary only
after careful review by a committee of practicing physicians
and pharmacists. This committee, called a pharmacy and
therapeutics committee, has the responsibility of reviewing
new and existing medications. This committee decides which
medications provide quality treatment at the best value. |
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Q:
How is a medication added or deleted from the formulary?
A: A medication must first demonstrate safety and effectiveness
to be added to a formulary. Only after this is determined
is the cost of the medication considered. Some medications
have similar safety and effectiveness however, are available
at a lower cost. The lower cost medication would then
be placed on the formulary while the higher cost medication
would not. |
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Q:How
does my health care provider know which drugs are on the
formulary?
A: Health plans print their formularies yearly. Formulary
books are distributed to your health care provider annually.
In addition, all changes to the formulary are communicated
to your doctor on a regular basis. |
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Q:What
if my medication is not on the formulary?
A: Formularies usually have listed alternative medications
which often have the same therapeutics action on your
body but, available at a lower cost. If your medication
is not listed on the formulary, ask your doctor or pharmacist
for an alternative. |
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About
Generic Drugs
You've probably been hearing a lot about generic drugs
at your pharmacy. Perhaps, when having a prescription
filled, you were given a generic or asked if you wanted
a generic product.
A number of questions and concerns have been raised
about the quality of generics as compared to brand name
products, and you wonder whether or not you should take
them. Following are answers to some of the more commonly
asked questions regarding generic pharmacy products.
We hope this will answer most of your questions and
many concerns you may have regarding generic drugs. |
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Q:What
is a generic drug?
A: A new drug is given two names. One is the generic or
chemical name. The other is the brand name, which is what
the manufacturer chooses to call the product. Every drug
has a generic name to describe its chemical makeup. |
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