Generic drugs – Benefits Canada.com

Prescription drug costs in public plans hit $12.5BN in 2019/20: report

lbailey — Fri, 12 Nov 2021 14:00:34 +0000

Prescription drug costs for public drug plans rose to $12.5 billion in 2019/20, a 3.7 per cent rise in spending since 2017/18, driven primarily by increases in the use of higher-cost drugs, according to a report by the Patented Medicine Prices Review Board. The report, which reviewed data from the National Prescription Drug Utilization Information […]

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Vale mine workers ending strike after winning pension, benefits increases

bwolfe — Mon, 09 Aug 2021 13:00:19 +0000

The first strike at Vale Canada in more than a decade is drawing to a close after unionized workers at the Sudbury, Ont., mine ratified a collective agreement that includes improved pension and health benefits. Through the agreement — which expires May 31, 2026 — the monthly pre-age 65 defined benefit pension will increase by $50 to […]

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How plan sponsors can contain rising drug costs in 2021

mschmit — Fri, 18 Dec 2020 05:03:22 +0000

With drug costs for plan sponsors steadily rising in recent years, keeping budgets down is top of mind as they plan for 2021. “The biggest concern for plan sponsors is sustainability,” said Shawn O’Brien, principal of data enablement and drug, health, dental product roadmap for Telus Health, in a press release. “They have to find a […]

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A legislative update on provincial biosimilar policies

mschmit — Fri, 18 Dec 2020 04:55:07 +0000

When the City of Toronto switched benefits plan insurers in 2017, it changed its coverage for biologics and biosimilars. Under its previous plan, the City reimbursed employees for the drugs their doctors recommended and prescribed; now, it follows its new insurer’s mandatory biosimilars policy, while grandfathering any plan member who was already taking a biologic […]

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Mental-health conditions, specialty meds driving drug plan cost increases in 2019: report

mschmit — Thu, 09 Jul 2020 06:00:17 +0000

Private drug plans saw the largest yearly increase in their average eligible costs in 2019, according to Telus Health’s annual drug trends report. The report attributed the rise to a jump in the use and cost of specialty drugs and a growth in younger Canadians using medication for mental-health challenges. It also noted the repeal of the OHIP+ program […]

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Brand discount cards increase costs to private insurers by 46%: study

mschmit — Mon, 18 Nov 2019 06:31:06 +0000

As the popularity of brand discount cards grows among Canadians, how much are people actually saving? And what’s the cost to insurers? In a study published in the Canadian Medical Association Journal, researchers waded through 2.82 million prescriptions for 89 different medications for which patients used brand discount cards. It found patients saved seven per cent, or $3.49 […]

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Proposed changes to Ontario drug rules target generics pricing, biosimilar listing process

mschmit — Thu, 14 Nov 2019 05:00:44 +0000

Ontario has proposed amendments to provincial drug regulations that aim to change the pricing model for generic drugs and simplify the process for the province’s drug formulary to list biosimilars. Ontario’s Ministry of Health and Long-Term Care said the changes are aimed at reducing the “administrative burden” for drug manufacturers and pharmacies. With regards to […]

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The value of private drug plans from a Canadian and global context

mschmit — Fri, 18 Oct 2019 04:49:45 +0000

When it comes to health-care spending in Canada, there isn’t a lot of variance between provinces, according to Joe Farago, executive director of private payers and investment at Innovative Medicines Canada. In a session at Benefits Canada’s 2019 Halifax Benefits Summit on Sept. 24, he said prescription drugs’ percentage of the total health-care budget has been fairly consistent, at 15 […]

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Prescription drug costs for Canadian public plans hit $11.4 billion in 2017/18: report

mschmit — Thu, 12 Sep 2019 05:00:38 +0000

Prescription drug costs for public drug plans covering most of Canada increased 7.4 per cent in 2017/18 to reach $11.4 billion, according to a new report by the Patented Medicine Prices Review Board. It’s a significant increase compared to the more modest 1.9 per cent growth in prescription drug costs from 2016/17. The board looked at data […]

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Plan sponsors using generic substitution, co-payments to curb drug plan costs: report

mschmit — Tue, 16 Jul 2019 05:15:03 +0000

Plan sponsors are increasingly adopting plan design tools to manage their drug plan costs, according to Telus Health’s annual drug trends report. It found private plan drug costs have grown 0.3 per cent per year on average for the past 10 years, made up of an average 2.1 per cent annual decrease in the cost […]

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