Employers will see private drug plan costs rise by about six per cent annually over the next five years, according to a prediction by a health-care research company. Brad Millson, principal of health access and outcomes at IQVIA, presented the results of his firm’s 2017-21 forecast, produced in partnership with Innovative Medicines Canada, at Benefits […]
Employers should review their drug plans annually to make sure they’re getting value for money, according to a speaker at the recent Face to Face Drug Plan Management forum. “It’s good drug plan management hygiene,” said Kim MacFarlane, assistant vice-president of group benefit product at Manulife Financial Corp. Even if the unwieldy nature of drug […]
From biosimilars to product listing agreements, a panel of experts tackled some of the hottest topics in drug plan management at the Face to Face Drug Plan Management forum on Dec. 14. Barbara Martinez, who heads up the national drug benefits solutions practice at the Great-West Life Assurance Co., addressed the question of biosimilars during […]
As a new year begins, many organizations are considering their strategies for benefits plan management in 2018 and beyond. Faced with the challenge of balancing employee needs and wants with changing workplaces and escalating plan costs, employers should prepare for a number of issues in the near future. Here are seven trends to watch in the coming year and beyond: […]
One of the biggest topics in the health and benefits industry in 2017 was the federal government’s new 18-month parental leave option. Three stories on this issue topped the list, with news about benefits fraud, health benefits tax and medical marijuana also ranking. Benefits Canada rounds up your favourite health and benefits stories of 2017: Budget boosts parental […]
The annual deductible in group benefits plans is a long-standing strategy for sharing costs with employees and encouraging more responsible consumption of benefits. But in the current environment of high-cost prescription drugs and epidemic levels of chronic disease, some industry experts say it’s time to move away from deductibles in favour of other cost-management solutions. […]
The average cost increases for employer-sponsored health-care plans are set to increase at a faster rate than inflation in 2018, according to a new report by Aon. Global average cost increases are projected to be 8.4 per cent in 2018, nearly three times the projected rate of inflation of 3.1 percent. Results vary depending on region, with […]
It seems to happen a lot. Seemingly daily, someone will say they can save a plan sponsor money on its group benefits plan. My not-so-subtle reply is usually, “Another great deal, eh?” “Based on what?” I then ask. I always know the answer because saving on premiums is the easiest way to get someone’s attention. Let me […]
While Canadians hear about the high cost of drugs all of the time, “the sky is not falling,” said Jim Favaro, senior manager for private payers at Amgen Canada Inc. Favaro, speaking at the Calgary Drug Trends Summit on Nov. 23 on behalf of Innovative Medicines Canada, said he believes plan sponsors need to take […]
Keeping private drug plans sustainable is key for all Canadians. While measures such as mandatory generic substitution and prior authorization are standard solutions in many employer drug plans, costs continue to rise. As employers consider what to do next, there’s a role for pharmacy to play, according to Mark Rolnick, vice-president of payor partnerships and […]