Why is it important for pharmacies to maintain a formulary?

Maintaining a formulary is crucial for pharmacies primarily because it assists in drug selection and inventory management. A formulary is a list of medications and therapies that an institution, such as a pharmacy, has approved for use. This curated list helps pharmacists make informed decisions about which medications to stock and dispense, ensuring that they have the most effective and commonly used drugs readily available for their patients.

By having a formulary, pharmacies can streamline inventory management by focusing on medications that align with clinical guidelines and patient needs, thus reducing waste and unnecessary costs associated with stocking medications that may not be used frequently. Furthermore, this practice supports patient safety and efficacy in drug therapy by promoting the use of evidence-based medicines that have been vetted for quality and effectiveness.

This answer highlights the key benefits of maintaining a formulary and underscores its role in enhancing pharmacy operations and patient care, which is why it is seen as the most appropriate reason for its importance over the other options.