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Prescription drug claims typically make up 60-80% of total extended health care claims on a benefit plan and we have seen the cost of drugs increasing on an annualized basis at approximately 9-12% a year. These increases are alarming because most will agree that this type of price increase is unsustainable for employers.
A fundamental question that will be asked in this webinar is what can employers do? On the one hand, they wish to provide drug coverage to employees and their family members so that they can receive treatment for various ailments but the continual increase in cost will soon be unaffordable if it is not already a concern.
We want to help employers actively manage the drug portion of their benefit plans and to do so, we will provide you with a foundational understanding of the drug management landscape in Canada including an explanation of generic drugs, brand name drug patents, and high cost biologic drugs. Once this has been reviewed, we will examine how the employee benefits industry is reacting from the government, brand manufacturers and insurance companies’ perspective. It is crucial to understand the reactions of the various parties as it has a large impact on the steps that you, the employer, can take to ensure that your company’s drug plan remains sustainable.
As the needs of every employer differs, we offer no panacea but this will help you start the discussion within your organization. Building a benefit plan design that anticipates the future is not only going to protect your organization in the long run by increasing sustainability, it will also help you manage costs so that you can continue to offer a valuable benefit plan to reward and compensate your employees.
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Staffing and Recruitment
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Topical Health Issues
Benefits - Cost Containment, Audits and Legal Risks
HR in Canada
Canadian Masters In HR Strategy & Execution
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