Sun Life Financial has signed a strategic alliance with Reformulary Group Incorporated to develop a new drug plan for employers.
Reformulary Group has developed a formulary—or list of prescription drugs—based on advice from an independent expert committee, which evaluates prescription drugs on their clinical and cost-effectiveness. From this formulary, drug plans can ensure they are delivering the most effective medications for the best value.
By spring 2012, plan sponsors who have their group benefits with Sun Life will have access to the new drug plan.
“We know drug costs are a great concern to plan sponsors and as an industry we need to do more to help organizations deal with this challenge,” says Stuart Monteith, senior vice-president of group benefits with Sun Life Financial Canada.