Let say if you want to compare mean of release profile at time 12th for 4 different types of formulation and each of formulation you make it at least 4 measurements, can we say it is parametric and use one-way ANOVA?
In order to know if your results may be analyzed with a parametric test (1WANOVA) it is necessary to know the metric of your response. In your example the response is release profile. If you express release profile in the field of real numbers then your results may be analyzed with parametric test. Otherwise you need a non-parametric test. Remember that a physical magnitude expressed in the field of real numbers means that you measure the magnitude with a given metric (that is, exists the notion of distance between every measurement). A physical magnitude ranked is not necessarily expressed in the field of real numbers, because the ranks have not necessarily the same distance.