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.
"Donald Chu of BenefitDeck helped us reorganize our benefits platform and structured a new customized plan that: mitigated previous annual increases, lowered our costs, enhanced overall benefit levels and healthcare choices for our employees. Most importantly, it increased our employee satisfaction. Thank you Donald, for the solid advice and creative plan design."
— Don Thompson, President, Finale Editworks