Final answer:
An official list of drugs approved by a hospital or group of physicians is a formulary, which ensures safe, effective, and economic use of medications, managed by a Pharmacy and Therapeutics Committee.
Step-by-step explanation:
An official list of drugs approved for use by a hospital or group of physicians is known as a formulary. Hospitals and physician groups use formularies to specify which medications are endorsed for their patient care. The function of a formulary is to provide a range of medications that offer the best quality of care in the most cost-effective manner. In essence, it is a tool used for managing drug therapies and ensuring the use of safe, effective, and economic pharmacotherapy.
Formularies are often designed by a committee, which could consist of pharmacists and doctors, known as the Pharmacy and Therapeutics Committee. The committee oversees the process of drug evaluation and is responsible for updating the formulary based on the latest evidence and market availability. Updates to a formulary might occur due to new drugs being approved, safety recalls, or newer research influencing the choice of prescribed medications.