Almost one million Canadians cut spending on necessities such as food and heating to afford prescription drugs in 2016, according to a report by researchers at the University of British Columbia, Simon Fraser University, McMaster University and the University of Toronto. The report, which used data from Statistics Canada’s 2016 Canadian community health survey, also found 1.69 […]
British Columbia’s plan to eliminate or reduce prescription drug deductibles for low-income earners could also lead to lower drug costs for plan sponsors in the province. While Nick Gubbay, a principal and group benefits consultant at Eckler Ltd. in Vancouver, says the impact is likely to be most material for group plans providing benefits to […]
As the new year gets underway, it’s a busy season for predictions about what’s ahead for 2018. When it comes to employer-sponsored drug plans, costs have been a rising concern in recent years. According to projections released by Aon Hewitt in December, costs for extended health-care plans will likely rise by six per cent in […]
The Empire Life Insurance Co. is introducing a new drug-only pooling product for plan sponsors. With advancement in medicine and higher-cost drugs on the market, it’s important to provide options to help small- and medium-sized businesses manage their high-cost claim exposure, the company noted in a press release. With that in mind, it’s offering the new $7,500 drug-only option […]
Plan sponsors looking to integrate pharmacogenetic testing into their benefits plan will soon have lots of information to consider as Canada’s biggest insurance companies roll out pilot projects and research begins to shed light on the return on investment. “The market is expanding. Insurers are piloting projects. You will hear a lot about pharmacogenetics over the next 12 months,” said […]
The pan-Canadian Pharmaceutical Alliance and the Canadian Generic Pharmaceutical Association have reached a deal aimed at reducing the prices for some generic drugs by as much as 40 per cent. While the parties are touting significant savings for Canada’s public drug plans, they also say employers and patients will benefit from price reductions of 25 to 40 per cent, as of […]
Universal pharmacare is an “overly simplistic” solution that risks cutting access to drugs, says a senior executive at one of Canada’s largest pharmaceutical companies. “It sounds like a lovely solution,” Julia Brown, vice-president of government affairs and market access at Janssen Inc., told the audience at Benefits Canada’s 2017 Face-to-Face Drug Plan Management Forum. But […]
Employers will see private drug plan costs rise by about six per cent annually over the next five years, according to a prediction by a health-care research company. Brad Millson, principal of health access and outcomes at IQVIA, presented the results of his firm’s 2017-21 forecast, produced in partnership with Innovative Medicines Canada, at Benefits […]
Employers should review their drug plans annually to make sure they’re getting value for money, according to a speaker at the recent Face to Face Drug Plan Management forum. “It’s good drug plan management hygiene,” said Kim MacFarlane, assistant vice-president of group benefit product at Manulife Financial Corp. Even if the unwieldy nature of drug […]
From biosimilars to product listing agreements, a panel of experts tackled some of the hottest topics in drug plan management at the Face to Face Drug Plan Management forum on Dec. 14. Barbara Martinez, who heads up the national drug benefits solutions practice at the Great-West Life Assurance Co., addressed the question of biosimilars during […]