Why Participate in the P&T Competition

Formulary management is an integrated patient care process that enables physicians, pharmacists, and other health care professionals to work together to promote clinically sound, cost-effective medication therapy and positive therapeutic outcomes. Formulary management systems are used routinely by health plans, pharmacy benefit management companies (PBMs), hospitals, and government agencies (including the Veterans Health Administration, Department of Defense, and Medicare and Medicaid programs). 

A drug formulary is a continually updated list of medications and related products supported by current evidence-based medicine and the judgment of physicians, pharmacists, and other experts in the diagnosis and treatment of disease and preservation of health. The overall goal is to develop a list of the safest, most effective medications that will produce the desired goals of therapy at the most reasonable cost to the health care system.

Primary responsibility for developing, managing, updating, and administering the drug formulary rests with the Pharmacy and Therapeutics (P&T) Committee. The P&T Committee also designs and implements formulary system policies on utilization and access to medications.

Pharmacists who serve on or provide support to P&T Committees must understand how to evaluate the best available scientific, clinical, and economic evidence on medication use. They also must be able to determine the impact of medication use on patient population outcomes, conduct cost/benefit analyses, and relate drug therapy choices to current practice guidelines. 

The P&T Competition was created to introduce student pharmacists to the skills necessary for effective formulary review and management. By participating in the P&T Competition, student pharmacists gain experience in gathering and critically analyzing scientific, clinical, and economic evidence in a systematic and rigorous fashion. They also hone written and oral communication skills that are increasingly important in today’s health care environment.

Why Participate in the P&T Competition from AMCP on Vimeo