Le Lézard
Classified in: Health, Science and technology, Business
Subject: SVY

Canadian Employers Will Face a $5.6 Billion Price Tag for Specialty Drugs Within the Next Five Years

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.


These press releases may also interest you

at 18:43
TSX VENTURE COMPANIES BULLETIN TYPE:  Cease Trade OrderBULLETIN DATE:  July 18, 2019TSX Venture Company A Cease Trade Order has been issued by the British Columbia Securities Commission on July 17, 2019 against the following company for failing to...

at 18:30
Today, McDonald's Board of Directors declared a quarterly cash dividend of $1.16 per share of common stock payable on September 17, 2019 to shareholders of record at the close of business on September 3, 2019. Upcoming Communications For important...

at 18:21
Vista Oil & Gas, S.A.B. de C.V. (the "Company"), an independent Latin American oil and gas company, announced today the commencement of an underwritten public offering of the Company's Series A shares (the "Series A shares"), which may be represented...

at 18:20
Directors of IDACORP, Inc. today declared a common stock dividend of $0.63 per share, payable August 30, 2019 to holders of record at the close of business on August 5, 2019.  View original content to download...

at 18:20
The board of directors of Texas Instruments Incorporated today declared a quarterly cash dividend of $0.77 per share of common stock, payable August 12, 2019, to stockholders of record on July 31, 2019.     About Texas Instruments From connected...

at 18:19
San Jose-based Urban Catalyst, a multi-asset Opportunity Zone Fund, announced today that they have closed on the second of two adjacent properties located on West San Carlos Street near Josefa Avenue, one of the busiest corridors in the downtown San...

News published on 10 may 2016 at 08:16 and distributed by: