Certified Formulary Strategy Pharmacist (CFSP)

CFSP (FSP-001) Exam Objectives

This exam certifies that the candidate has the advanced knowledge and strategic acumen to develop and manage a drug formulary that is clinically sound, cost-effective, and compliant.

Domain 1: Clinical Evidence Evaluation (30%)

• Advanced Literature Appraisal: Critically appraise complex clinical trials, including comparative effectiveness research, network meta-analyses, and real-world evidence studies.
• Monograph Development: Prepare comprehensive drug monographs for P&T committee review, including a thorough assessment of efficacy, safety, and place in therapy.
• Guideline Interpretation: Analyze national and international clinical guidelines to inform formulary placement decisions.

Domain 2: Pharmacoeconomics and Financial Analysis (35%)

• Pharmacoeconomic Modeling: Interpret and critique pharmacoeconomic models (e.g., cost-effectiveness, cost-utility) submitted by manufacturers.
• Budget Impact Analysis: Develop and analyze budget impact models to forecast the financial consequences of formulary decisions.
• Rebate Strategy: Analyze and model the financial impact of different pharmaceutical rebate structures and contracting strategies.

Domain 3: Formulary and Utilization Management (UM) Strategy (25%)

• Formulary Design: Design formulary structures, including tiered co-pays and preferred drug lists, to steer utilization to cost-effective agents.
• Advanced UM: Develop sophisticated UM strategies for high-cost specialty drugs, including indication-specific criteria and site of care policies.
• P&T Committee Management: Manage the P&T committee process, including setting agendas, presenting reviews, and documenting decisions.

Domain 4: Payer and Industry Relations (10%)

• Contract Negotiation: Understand the key principles of negotiating rebate contracts with pharmaceutical manufacturers.
• Industry Trends: Analyze the impact of the new drug pipeline and market events (e.g., patent expirations) on formulary strategy.

Eligibility Requirements

To be eligible to sit for a CPS certification exam, candidates must meet the criteria outlined in one of the two pathways below.

Pathway 1: For U.S. Licensed Pharmacists

This pathway is for pharmacists licensed to practice within the United States, regardless of country of graduation.

• Hold an active and unrestricted pharmacist license in any state or territory of the United States.
• Meet educational requirements by being a graduate of an ACPE-accredited school of pharmacy or holding a Foreign Pharmacy Graduate Examination Committee® (FPGEC) Certificate.
• Fulfill the specialty experience requirement as outlined below.

Pathway 2: For International Pharmacists (Non-U.S. Licensed)

This pathway is for pharmacists who practice outside of the United States.

• Hold an active and unrestricted license to practice pharmacy in their country of practice. A certified English translation of the license must be provided if the original is not in English.
• Hold a professional degree in pharmacy equivalent to a U.S. pharmacy degree, such as a Bachelor’s degree (BPharm), Master’s degree in Pharmacy Practice (MPharm), or Doctor of Pharmacy degree (PharmD).
• Fulfill the specialty experience requirement as outlined below.

Specialty Experience Requirement (for all pathways)

To ensure candidates have foundational knowledge in the specialty, one of the following criteria must be met:

• Standard Pathway:
  Completion of at least one year of professional experience in a practice setting directly related to the certification area.
• Certificate Pathway:
  The one-year specialty experience requirement is waived for candidates who hold an active certificate of completion from a nationally recognized provider in a related subject matter. This includes, but is not limited to, the completion of a relevant PGY residency, fellowship, certificate/training program, or a relevant graduate degree (e.g., a Master's degree in the specialty field). Recognized providers of certificate programs include, but are not limited to:
  • American Society of Health-System Pharmacists (ASHP)
  • American Pharmacists Association (APhA)
  • American College of Clinical Pharmacy (ACCP)
  • American Society of Consultant Pharmacists (ASCP)

Career Path for CFSP Professionals

The CFSP certification is for pharmacists in managed care, health systems, and PBMs who are responsible for making high-level formulary and reimbursement decisions. This is an advanced credential for those who lead the financial and clinical strategy of a pharmacy benefit.

Target Candidates

• Managed care and PBM pharmacists.
• Health-system pharmacists responsible for formulary management and P&T committees.
• Pharmacists working in the pharmaceutical industry in managed markets or HEOR roles.
• Consultants specializing in formulary and reimbursement strategy.

Primary Job Roles:

• Formulary Strategy Manager / Director
• Managed Care Pharmacist (Formulary/P&T)
• Pharmacoeconomist / HEOR Pharmacist
• Director of Pharmacy (Health Plan)
• Pharmaceutical Industry (Managed Markets / Market Access)

Career Advancement:

A CFSP is positioned for senior executive roles in the managed care industry. They can advance to become a Vice President of Formulary or Clinical Strategy, a Chief Pharmacy Officer for a health plan, or a senior leader in a PBM's formulary development and rebate contracting divisions.

Study Resources

Prepare for your CFSP exam with resources designed to master the strategic aspects of formulary management.