That’s unfortunate because this is a shining example of the wasted opportunity many plan sponsors and advisors incur year after year—they are not making use of the predictive capability of the claims data that make up a plan’s experience.
A proposal for longer market monopolies by brand names could put a dent in generics savings, according to an analysis of Canadian retail prescription drug sales by the Canadian Generic Pharmaceutical Association (CGPA).
When Shoppers Drug Mart (SDM) set out to review its benefits program in 2009, it quickly became apparent that the company had a galvanizing opportunity to do something that had never been done before.
With public payers across the country acknowledging the value of pharmacy by expanding scopes of practice and funding more services, there are opportunities for drug plan sponsors to capitalize on pharmacists’ expertise to better manage spending and improve health outcomes.
Sun Life Financial has signed a strategic alliance with Reformulary Group Incorporated to develop a new drug plan for employers.
The Halifax Professional Firefighters Benefits Trust has been actively managing its plan since going to an administrative services-only program and moving its drug plan to a pharmacy benefits manager (PBM) five years ago.
While many organizations view their drug benefit spend simply as a necessary cost of doing business—and approach plan management from a cost-containment perspective—some are recognizing that their drug plan is an investment in the overall health and well-being of their employees.
Express Scripts Canada has launched an online prescription manager website and member contact centre to help facilitate medication delivery to plan members.
In July 2011, Medavie Blue Cross implemented a therapeutic substitution pilot program with a small group of pharmacies in Atlantic Canada. According to George Somers, director of professional and provider affairs at Medavie Blue Cross, the pilot was facilitated by new legislation and a subsequent interest by pharmacists and Medavie Blue Cross to explore new partnerships.
Many biologic drugs have a high price tag but they also provide employees a much healthier life and, in some cases, an easier return to work. So how does an employer balance the cost and benefit of biologics on its drug plan?