A recent report by the Patented Medicine Prices Review Board shows increased growth for private drug plan costs but promising pharmaceutical innovation, says Joe Farago, executive director of private payers and investment at Innovative Medicines Canada. The report also found the number of new medicines launched in Canada was higher than the median for Organisation for […]
The costs of U.S. employer-sponsored medical benefits are expected to rise seven per cent in 2024, according to a new survey by the International Foundation of Employee Benefit Plans. The survey found 79 per cent of U.S. employers’ benefits plans are self-funded (with or without stop-loss coverage), while 21 per cent are fully insured. The […]
The growth of gene and cell therapies are raising significant questions among private payers about who bears the responsibility for the costs of these treatments, says Tim Clarke, president at TC Health Consulting Inc. “One issue is whether this is going to be paid for by public health or if it’s an employer health issue. […]
Canadian plan sponsors and insurers are revisiting how they classify obesity drugs under their benefits plans, amid plan members’ rising demand for Ozempic as a weight-loss treatment. Ozempic, also known under the generic name semaglutide, is a drug used to treat type 2 diabetes. However, the medication has also been credited as a weight-loss treatment, […]
With Yukon implementing a transitioning policy on April 3 to expand the use of biosimilar medicines in its public drug plan, it’s important for benefits plan sponsors that create a similar policy for their workplace plans to be clear in their communication and education with employees. “It’s never easy to switch a medication, especially when […]
The annual spend per private drug plan member increased by 6.3 per cent in 2022, according to Express Scripts Canada’s annual drug trends report. Across both traditional and specialty drugs, the increase was primarily driven by a 5.4 per cent rise in plan members making a claim, which reversed the trend seen in 2020 and […]
By focusing on cancer as part of a wider chronic disease management strategy, employers can support employee health while reducing benefits costs, said Chris Bonnett, founder and principal at H3 Consulting, during a webinar hosted by the Canadian Pension and Benefits Institute. While long-term disability plans pay out, on average, $3,500 per month, cancer patients […]
An article on how British Columbia’s incoming pay transparency legislation could impact employers was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. How B.C.’s pay transparency legislation could impact employers 2. Report finds new diabetes, migraine treatments could impact private drug plans in 2023 3. CPPIB […]
A new diabetes treatment is expected to have the largest impact on private drug plans in 2023, according to a new report by Telus Health. The report, which analyzed more than 100 drug submissions currently under review by Health Canada, found Mounjaro, a new diabetes drug expected to become available in the first half of […]
Three years ago this month, the world was grappling with the early days of the coronavirus pandemic. Even then, with very little information available, people were beginning to turn their attention to the anticipated long-term ramifications of the public health crisis. With everyone experiencing this once-in-a-century moment simultaneously, no one had a response for how […]