While biologic drugs can represent a significant percentage of a plan’s drug costs, a Green Shield report says they are not the only thing driving up costs. Of course, plan sponsors need to actively manage biologics as use continues to grow, but they need to look for other places to also control drugs costs.
Growing drug plan costs are putting pressure on benefits plan sponsors to move to managed formularies—but industry stakeholders must first work together to change the drug evaluation process to ensure coverage decisions deliver the best value.
It was with disappointment that I read about the recent bankruptcy of PCAS Patient Care Automation Services Inc., and the related companies that were commonly known as PharmaTrust, the manufacturer of remote dispensing machines.
It’s no secret that health and dental benefits represent a substantial cost for organizations. Yet most employers pay for these costs with little more than blind faith, because the types of internal controls and audits used to verify other company expenses just won’t work for benefits costs.
Brian Mulroney is wading into the high-stakes debate over patent protection in the free trade talks with Europe, and he's clearly taking sides.
Drug spending in Canada continues to increase and is closely watched by employers. However, a recent report from the Canadian Institute for Health Information’s (CIHI) has revealed some unexpected results.
The average employer pays between $3,000 and $6,000 per employee, per year, for a benefits program, depending on plan design and demographics. On that basis alone, wouldn’t you like to know if you are getting the most value out of your investment?
Fundamentally, a group health and dental program is simply a “cost-plus” arrangement.
Drug spend in Canada may have remained flat in 2011, but private drug plans wasted approximately $5 billion last year, according to Express Scripts Canada’s latest Drug Trend Report.
The perfect storm in global economies over the past few years has dramatically transformed human capital and benefits markets, and an HR department must determine how to maintain—or even improve—its organization’s competitive advantage and sustainability in the current climate.