As the coronavirus pandemic enters its fourth year, it’s perhaps unsurprising that the health crisis has taken its toll on employee mental health. Scotiabank saw a notable rise in claims for mental-health drugs in 2022, says Ayman Alvi, the bank’s vice-president of global pension and benefits, noting the increased use of these medications aligns with […]
An article on how employers can close the pension gap among BIPOC employees was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Employers can leverage choice, education to help close pension gap among BIPOC workers 2. Ontario biosimilars policy could cut drug costs for plan […]
Changes to Ontario’s policy on the use of biosimilars in its public drug plan could result in savings for private benefits plans if they choose to follow the provincial model, says Theresa Tran, a principal in group benefits at Eckler Ltd. Starting March 31, Ontario Drug Benefit recipients who are on an originator biologic will […]
With the cost of drug claims continuing to rise in 2021, benefits plan sponsors can enable certain drug programs to curb costs, keeping their plans sustainable and offering the benefits that members highly value, said Lavina Viegas, director of pharmacy operations at Telus Health, during a session at Benefits Canada’s 2022 Face to Face Drug […]
The increasing use of high-cost medicines is the primary cost driver for all Canadian drug plans, according to a new report by the Patented Medicine Prices Review Board. It found drug costs for public plans rose by 5.3 per cent in 2019/20, with high-cost medicines accounting for 6.3 per cent of the increase. Among private […]
The provision of employer-sponsored benefits has evolved significantly over the last 45 years, with the past decade ushering in the most consequential changes, fueled by technology, increased competition and demand. In the 80s and 90s, benefits plans were very siloed and one size fits all, says Chris Pryce, founder and president of Human Capital Benefits, […]
Total drug costs grew to $2 billion in 2021, rising steadily from $1.4 billion in 2017, according to Green Shield Canada’s annual drug trends report. The report, which is based on claims reported by Green Shield Canada, found the number of claimants also increased from 1.9 million to 2.1 million over the same period. While […]
As the coronavirus pandemic continues, fewer Canadian benefits plan members are making drug claims, according to Telus Health’s annual drug trends report. The report, based on the drug claims activity of more than 10 million plan members in 2021, found just 56 per cent made a claim in 2021, reflecting a decreased frequency of in-person […]
Changes to Quebec’s policy on the use of biosimilars in its public drug plan could result in savings for private benefits plans, says one expert. On April 13, 2022, the Régie de l’assurance maladie du Québec will delist certain biologic drugs from its formulary, requiring patients covered by the plan to switch to a biosimilar […]
This month marks the second anniversary of the beginning of the coronavirus pandemic, a 24-month span that has had profound effects on the health of benefits plan members and the status and structure of their plans. For drug plans in particular, several trends have come to light — or have accelerated — during the course […]