The document outlines the hospital formulary system, which is a curated list of pharmaceutical agents deemed most useful in patient care, detailing its history, advantages, and guidelines for implementation. It emphasizes the roles of medical and pharmacy staff in selecting, managing, and regularly updating the formulary to ensure efficiency, safety, and cost-effectiveness in drug administration. Additionally, it discusses the importance of adhering to certain selection criteria, the management of a formulary, and the responsibilities of pharmacists within the system.