RBC Insurance has launched a preferred pharmacy network for specialty drugs, which it expects will cut claims costs by three to four percent.
Figures from IMS Brogan show specialty drugs accounted for 8.7 per cent of private plans’ total spend in 2010 and jumped to 22 per cent in 2014, says John Carinci, vice-president of group and business markets at RBC Insurance in Mississauga. That’s primarily due to “a growing pipeline of biologic drugs,” some of which cost $100,000 or more.
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“About 20 per cent of our total drug claims were for high-cost specialty drugs but yet they were generated by less than one per cent of our client population,” Carinci says. “And so, given that relationship, that preferred pharmacy network was critical for us to help alleviate and help address this concern.”
The network also includes a support service provided by HealthForward. A case manager contacts a client within 24 hours of RBC Insurance approving their specialty drug claim, and helps them to find the nearest network pharmacy, ensuring the medications are in stock when they go to pick it up, and helping them adhere to their treatment plan.
The network is available for plan sponsors outside of Quebec with a pay direct or deferred drug plan.