What is a Drug Formulary Lookup?

What Is a Drug Formulary Lookup?

A drug formulary lookup is a tool or solution that lists prescription drugs covered by a prescription drug plan or another insurance plan that covers medication costs. Drug formulary lookups simply provide a list of covered prescription drugs.

The main purpose of the formulary is to encourage the use of effective, safe, and affordable medications. A formulary system is more than a list of medications approved for use by a managed healthcare organization.

What is a formulary lookup tool?

A formulary lookup tool, formulary finder or formulary check is usually a software solution that generates a list of covered drugs representing the prescription therapies necessary for a quality treatment program.

MMIT’s Formulary Insights is a formulary lookup tool that provides unparalleled visibility into health system formularies, clinical pathways, decision-making and contracting to enable superior market performance with these complex stakeholders.

What is formulary coverage?

Formulary coverage is a list of generic or brand name drugs. Formulary coverage indicates prescriptions drugs for a specific treatment that are covered by a prescription drug plan or insurance company.

Who sets a drug formulary?

A health plan sponsor or its contracted prescription benefit manager (PBM) creates a drug formulary. The company relies on its Pharmacy & Therapeutics Committee, composed of physicians, pharmacists and other specialists, to determine which drugs to cover and how to cover them.

What are formulary drugs or formulary medications?

Formulary drugs or formulary medicines are prescription medicines that are covered by and healthcare insurance plan or prescription drug plan.

What is a prescription formulary?

A prescription formulary is a drug list indicating which brand name or generic drugs are covered by an insurance plan.

To drive access for your brand, start with the right tools to understand drug coverage on formularies, medical benefit policies and pathways.

Learn how our market access tools and insights drive innovation and results.