A formulary is a list of drugs a plan covers, and the rules for how. It sounds like a document. It is actually a data product that touches billing, rebates, pharmacy networks, member communications and clinical policy, and when the workflows behind it are manual, every department keeps its own version of the truth.
As a product owner at a health-services business I owned those workflows. We reconstructed billing-related formulary processes and took avoidable effort out. I worked as the subject-matter expert across business, design and quality assurance for specialty pharmacy, rebate billing, claims, reporting and the data mart that fed it.
During the formulary years I owned drug-list maintenance. The enterprise drug catalog came later, in 2018–2022: it replaced department-by-department lists with a shared master sourced from First Databank and Medi-Span, a data model and workflow roles for creating, approving and publishing lists. Existing APIs from that catalog were later reused by a sales application, avoiding a recurring drug-data subscription.
Master data is a product. That is the lesson I take from both maintenance and enterprise catalog work.
Tools and standards referenced in this chapter SQL Server · SSIS · SSRS · Jira · First Databank · Medi-Span · GPI / GCN / NDC drug identifiers · rebate and MAC pricing logic