When employers cover specialty medications, staff members, other companies, the overall economy and the health-care system all benefit, the Conference Board of Canada found in a new report.
“Canadian employers need to understand the wider benefits associated with specialty medications,” Mary-Lou MacDonald, director of workplace health, wellness and safety research at the Conference Board of Canada, said in a release. “Specialty medications often improve employee productivity, while at the same time reducing caregiving needs and strain on the health system.”
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The report examined specialty medications for rheumatoid arthritis, Crohn’s disease and multiple sclerosis, which are defined as costing more than $10,000 per person per year. Researchers found these drugs, when paid for by employers, provide a financial benefit to society between $6,600 and $17,000, depending on the disease.
Financially, specialty drugs can generate annual workplace-related benefits that range from $3,800 to $6,000 per employee through increased productivity and reduced sick leave, while covering the medications could also save other companies and the public health-care system between $2,100 and $11,000 per employee, as the sick staff member will need less medical attention, and their relatives will have to take reduced leave.
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“Considering the significant benefits that accrue to society from employer-sponsored benefit plan coverage, cost-sharing arrangements with other stakeholders, including government merit further consideration in order to improve access to specialty medications,” MacDonald said.
The report also pointed out comprehensive benefit plans help organizations recruit and retain qualified employees.
The research was sponsored by Innovative Medicines Canada, Crohn’s and Colitis Canada, Amgen, Roche Pharmaceuticals, Sanofi Canada and Sun Life Financial.