Equitable Life of Canada is allowing clients to capitalize on the unprecedented number of generic drugs available and generic drug pricing reform by implementing a mandatory generic program across all group drug plans.
Plan sponsors that choose to capitalize on opportunities associated with generic drugs could see a reduction applied to their health rate at the time of renewal.
When using the program, if a pharmacy submits a claim for an interchangeable brand drug, it will be notified that reimbursement is limited to the lowest-cost interchangeable drug.
If a patient prefers the brand drug over the interchangeable generic drug, he or she will be responsible to pay the difference in cost.
Even if the physician indicates “no substitution,” Equitable Life will only pay the cost of the interchangeable generic drug.