What are the different types of formulary?

Hospital formulary

Formulary is a continually revised compilation of pharmaceuticals and some ancillary information that reflux the current clinical judgement of medical staff.

There are 3 basic types of formulary

1 .open type formulary

It serves nearly as a guide, a physician may prescribe any drug but encourage use the formulary list prescribing decision.

2.close type formulary

Also called as restricted formulary, in contrast to open formulary this formulary list the drugs that will be reimbursed  by health care provider, non formulary drugs reimbursed only if this prior to prescibe.

3.incentive based formulary

It represents hybrid between both open and close formularies patient pay a higher price for non formulary drugs.

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