Drug Management Programs
This video, produced by Empire Life, provides the changing landscapes of the prescription drugs in Canada. There was an example of someone who exercises more than 3 times a week, fighting high cholesterol. The doctor describes how the prescribing pattern has changed over the last 10 years; and the industry expert describing how the changes affect group benefits plan.
With high cost drugs like biologics coming to the market, and offloading of government cost to private health plans, employers often find themselves facing rising premiums. The cost pressure of private plans is on and many private insurers of drug plans find their pricing not sustainable. Private insurers are working with groups like the Reformulary Group to develop evidence based formulary (or a list of prescription drugs), based on advice from independent expert committees. These committees evaluate prescription drugs on their clinical and cost-effectiveness. From this formulary, drug plans can ensure they are delivering the most effective medications for the best value.This video highlights the current status of the industry.
"With the advice of Donald Chu from BenefitDeck, we saved significant annual premium. Further, we were also entitled to a major refund from our previous insurer's retention accounting policy. Donald further protected us from future premium increases by negotiating a maximum renewal cap with the new provider. I would highly recommend Donald to other business associates who are looking for expertise in the group benefits area."
— Yvonne Darcel, Senior Vice President and CFO, Linwood Homes Ltd.