Yes, CONSUMPTION is a Scrabble word!

Letter values in Scrabble US: C 3, O 1, N 1, S 1, U 1, M 3, P 3, T 1, I 1, O 1, N 1.

Is it a valid word?

CONSUMPTION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the process of taking food into the body through the mouth (as by eating)
involving the lungs with progressive wasting of the body
(economics) the utilization of economic goods to satisfy needs or in manufacturing
the act of consuming something

Also: pulmonary tuberculosis, wasting disease, white plague, economic consumption, use of goods and services, using up.