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A drug formulary is accurately defined as a list of prescription drugs that have been evaluated and approved for use by a particular institution, such as a hospital or a health insurance program. This list is typically established to promote optimal medication use, ensuring that only safe, effective, and cost-efficient medications are available for prescribing within that specific context.

Drug formularies can help improve patient safety by restricting the use of medications that may not have sufficient evidence of efficacy or safety. Additionally, they often reflect the institution's or program's therapeutic guidelines, which may take into account factors such as clinical guidelines, pharmacoeconomic studies, and the input of healthcare professionals.

While other options address related topics—such as comprehensive catalogs of available medications or inventories of over-the-counter drugs—they do not capture the specific, regulated purpose of a formulary in facilitating medication management and safety within an institution. Hence, the significance of a formulary is specific to the context of approved medications within healthcare systems.