Large Language Models (LLMs) are widely used in critical fields such as healthcare, education, and finance due to their remarkable proficiency in various language-related tasks. However, LLMs are prone to generating factually incorrect responses or "hallucinations," which can lead to a loss of credibility and trust among users. To address this issue, we propose a multi-stage framework that generates the rationale first, verifies and refines incorrect ones, and uses them as supporting references to generate the answer. The generated rationale enhances the transparency of the answer and our framework provides insights into how the model arrived at this answer, by using this rationale and the references to the context. In this paper, we demonstrate its effectiveness in improving the quality of responses to drug-related inquiries in the life sciences industry. Our framework improves traditional Retrieval Augmented Generation (RAG) by enabling OpenAI GPT-3.5-turbo to be 14-25% more faithful and 16-22% more accurate on two datasets. Furthermore, fine-tuning samples based on our framework improves the accuracy of smaller open-access LLMs by 33-42% and competes with RAG on commercial models.