So, life begins even before conception? Is contraception the murder of innocents?
In this particular verse, formed refers to the ancient idea that the human offspring begins as "unformed" and at some point progresses to "formed." This was before the processes of genetics and embryology were understood, and it was thought that the baby was gradually molded from clots of the mother's blood coagulated or organized by the influence of the semen.
Thus the point is that even before the baby is "formed" --- while it is as yet still in a shapeless clot of material --- it is still a person known by a personal God.
The implication that this might apply to contraception was not broached at that time; but even when it was, many, many years later, the sacrilege of contraception was distinguished from the homicide of abortion.
All Christian churches taught that contraception was a sacrilege --- an interference with God's creative intentions --- until the 1930 Lambeth Conference of th Anglican Church, which was the first, and at that time the only, Christian Church which approved marital contraception, and then only under grave conditions such as dire poverty or illness.
“Jeremiah 1:5 - Before I formed you in the womb I knew you; Before you were born I sanctified you; I ordained you a prophet to the nations”
This plainly shows that God does not want us to kill the human life that He has created.
“This is what the LORD says — he who made you, who formed you in the womb, and who will help you....Isaiah 44:2 NIV
“Listen to me, O house of Jacob, all you who remain of the house of Israel, you whom I have upheld since you were conceived, and have carried since your birth. Even to your old age and gray hairs I am he, I am he who will sustain you. I have made you and I will carry you; I will sustain you and I will rescue you.” Isaiah 46:3-4 NIV