develop vs formulate

develop and formulate both are verbs.

Word	Noun	Adjective	Verb	Adverb
develop	No	No	Yes	No
formulate	No	No	Yes	No

As verbs, develop and formulate are synonyms defined as:

Other synonyms of develop include explicate.

develop (verb)	formulate (verb)
come to have or undergo a change of (physical features and attributes)	put into words or an expression
grow, progress, unfold, or evolve through a process of evolution, natural growth, differentiation, or a conducive environment	elaborate, as of theories and hypotheses
cause to grow and differentiate in ways conforming to its natural development	come up with (an idea, plan, explanation, theory, or principle) after a mental effort
happen	prepare according to a formula
change the use of and make available or usable
be gradually disclosed or unfolded; become manifest
gain through experience
become technologically advanced
grow emotionally or mature
expand in the form of a series
elaborate by the unfolding of a musical idea and by the working out of the rhythmic and harmonic changes in the theme
create by training and teaching
elaborate, as of theories and hypotheses
move into a strategically more advantageous position
move one's pieces into strategically more advantageous positions
superimpose a three-dimensional surface on a plane without stretching, in geometry
work out
make something new, such as a product or a mental or artistic creation
generate gradually
make visible by means of chemical solutions
come into existence; take on form or shape