Yes, FORMULATE is a Scrabble word!

Letter values in Scrabble US: F 4, O 1, R 1, M 3, U 1, L 1, A 1, T 1, E 1.

Is it a valid word?

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

elaborate, as of theories and hypotheses
come up with (an idea, plan, explanation, theory, or principle) after a mental effort
put into words or an expression
prepare according to a formula

Also: give voice.