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The phrase "are thinking of formulating" is correct and usable in written English.
You can use it when discussing the consideration or planning of creating something, such as a plan, idea, or document.
Example: "We are thinking of formulating a new strategy to improve our marketing efforts."
Alternatives: "are considering developing" or "are planning to create".
Exact(1)
The unique position of Kenya having not implemented the proposed design nearly ten years later can help draw out key lessons for countries which are thinking of formulating NHIS.
Similar(59)
We are thinking of you.
We are thinking of John and Liam.
The Tories are thinking of extending it.
You're thinking of aïoli.
"I was thinking of you".
I was thinking of it.
I'm thinking, of course, of Elaine May.
"I'm thinking of quitting," he said.
I'm thinking of 'Rosewater,' " she said.
You're thinking of mice," he said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com