The number of high-cost drugs and patients with multiple chronic conditions continues to rise, according to Express Scripts Canada’s drug trend report for 2016. While some plan sponsors have addressed increasing costs with measures such as generic pricing or limiting access to some drugs, the report suggested they should focus on providing certain plan members […]
Plan sponsors that have been hoping the recent trend of quickly rising drugs costs will end soon should realize “it’s only going to get worse” and start making changes to their benefits plans, an executive at Green Shield Canada said yesterday. “What’s happening right now is normal in benefit plans and it’s only going to […]
As Ontarians wait to see what’s in the provincial budget today, the Ontario New Democratic Party is getting ahead of the debate with its promise to implement a universal pharmacare plan should it win next year’s election. The NDP hopes the plan will ”reduce drug costs faced by individuals, businesses, municipalities, and other private payers; and increase […]
Loblaw Companies Ltd. is announcing the launch of HealthWatch for Business, a new drug plan that includes a formulary focused on savings from traditional, non-specialty medications. The plan, launched by the company’s Shoppers Drug Mart division, is targeting savings of five to 10 per cent in employer and employee costs. “We understand that employers are facing unprecedented […]
Innovation in the employee benefits world has historically happened in relatively small increments. Besides some subtle tweaks, plan design has changed very little. Recent enhancements to the employee experience include the implementation of online claims processing and various apps to communicate information more dynamically. Insurers have invested heavily in both their administration- and claims-paying systems to […]
Some see it as an eternal struggle: the goodhearted doctor championing the best treatments, no matter the cost, while doing battle against the tightfisted insurance company denying claims for expensive but life-saving medications. But when you get down to it, their goals often dovetail: the best care for patients at affordable prices. After all, even […]
With drug plan costs back on the upswing amid unprecedented increases for stop-loss or pooling insurance, benefits advisors and insurers are seeing more plan sponsors voicing concerns over sustainability and showing a greater willingness to take actions beyond seeking the best rates at renewal time. “The industry is in the process of reacting to what’s […]
I remember when employers were concerned about the potential impact of a little blue pill called Viagra that came with an annual price tag of about $1,200. In those days, $1,200 would have been a high-cost drug. In 2017, that seems like a bargain, as today’s specialty drugs cost tens of thousands of dollars per patient per year. For […]
All Ontarians under the age of 65 who spend a significant amount of their annual household income on prescription drugs are eligible for the Trillium drug program, provided their private plan doesn’t cover the entire cost of their medications. But besides eligibility, how does the program work? Ontarians using the Trillium program must pay a deductible […]
A report published last week suggested that making certain prescription medications available as over-the-counter drugs could save Canadian insurers, employers, governments and patients $1 billion each year. The report dealt with proton pump inhibitors (which treat gastroesophageal reflux disease), oral contraceptives and erectile dysfunction drugs. Researchers noted making them available as over-the-counter products could lower drug costs […]