OBJECTIVE: STEPS is a structured model for the selection of drugs for formulary inclusion. The aim of this study was to use the STEPS model in the selection of statin products for use within a health board in Northern Ireland. METHODS: The STEPS model involved three phases in sequence: an evidence based pharmacotherapeutic evaluation of all available statin drug entities in the UK, a separate safety/risk assessment analysis of product lines of drug entities which exceeded the pharmacotherapeutic threshold and finally a budget impact analysis. A comprehensive literature review, with expert panel judgment, informed the selection of criteria (and their relative weighting) for the pharmacotherapeutic evaluation. The resultant scoring system was circulated (in questionnaire format) to prescribers and stakeholders for comment. Based on statistical analysis of the latter survey results, the final scoring system was developed. Drug entities which exceeded the evidence threshold score were entered into a tendering process with pharmaceutical suppliers. Product lines submitted as a result of the tendering process were sequentially entered into the second and third phases of the STEPS process (safety/risk assessment; budget impact analysis). RESULTS: Three drug entities (from the 5 currently available in the UK) exceeded the evidence threshold and 29 from 39 submitted product lines, containing these drug entities, satisfied the safety evaluation/risk assessment criteria. Two product lines, each containing a different drug entity, were selected for formulary inclusion as a result of the budget impact analysis. The estimated annual cost savings for statins as a result of this selection process (based on estimated annual usage in Defined Daily Doses) in this health board, was 40%. CONCLUSION: The STEPS model has a significant contribution to make in containing statin costs while retaining the most therapeutically appropriate agents.