Innovative benefit management solutions required to maximize drug spending ROI
MISSISSAUGA, ON, May 10, 2016 /CNW/ - Express Scripts Canada, one of the country's leading providers of health benefits management services, today announced the results of its annual Drug Trend Report.
According to the report, which draws on analysis of prescription drug claims from millions of Canadians, high-cost specialty medications threaten the ability of employers to continue to offer a comprehensive prescription drug benefit to their employees.
Spending by Canadian employers on specialty drugs ? those used to treat chronic, complex conditions such as cancer and hepatitis C ? is expected to nearly double to $5.6 billion for private plans by 2020. Adding to concerns about newly approved treatments costing hundreds of thousands of dollars per patient are the 7,000 drugs currently in the development pipeline, most of which are specialty medications. At the same time, the number of patients requiring these treatments is rapidly increasing.
"From an economic and employee satisfaction perspective, the pharmacy benefit is highly valued by employers," says Michael Biskey, President of Express Scripts Canada. "It provides access to treatments on which many Canadians rely. However, unless plan sponsors take action now, it will quickly become unaffordable, making it necessary to transfer the burden of cost and financial risk to employees. If that happens, there is likely to be severe consequences for the health and financial wellbeing of Canadians."
Biskey stresses that Express Scripts Canada has applied clinical expertise, behavioural science and experience with millions of private plan members ? as well as advanced data analytics ? to develop solutions proven to balance costs and encourage healthier outcomes for employees. "Our active plan management and pharmacy solutions support employees and their families in achieving better health and reducing out-of-pocket costs while minimizing plan spending and contributing to better drug benefit ROI for employers. More optimized solutions and more educated choices mean less waste, which in turn means more funding for higher-cost specialty drugs when those potentially life-saving treatments are required by employees and their dependents."
Additional key findings from the study include:
About Express Scripts Canada
From its corporate headquarters just outside Toronto, Express Scripts Canada transforms the way organizations and employees think about and participate in their drug benefit plan. Express Scripts Canada provides pharmacy services to thousands of Canadian patients. Through its proprietary consumer intelligence, clinical expertise, and patients-first approach, Express Scripts Canada promotes better health decisions for plan members, while managing and reducing drug benefit costs for plan sponsors. Express Scripts Canada is indirectly owned by Express Scripts Holding Company.
SOURCE ESI Canada
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