The Federal Ministry of Health proposed changes to the drug pricing regulations on December 1, 2017.
I read a book several years back called, HIV/AIDs in South Africa 25 Years On. This book was interesting for several reasons, it provided a better understanding of the different cultures, governments and challenges in each region of Africa. They also talked about how the prices of drugs differ depending on where you live. I have to admit it is the first time I ever gave any thought that we as Canadians pay more for prescription drugs. Canadians are spending more per capita on drugs than any other country in the world, with the exception of the United States.
Sun Life wrote the following in the Focus Update
We know that plan sponsors continue to face an unsustainable increase in the cost of their drug plans, due to specialty drug prices and chronic diseases on the rise. To help provide sustainable plans for our Clients and mitigate the risks associated with new high-cost drugs coming to market, Sun Life is supporting effective cost-containment strategies, such as the recently proposed amendments to drug price regulations. These changes stemmed from industry consultations that we participated in with CLHIA and other carriers.
Should the new regulations be adopted, they will come into effect in January 2019.
Contact Glendinning Insurance Services, your Resource Specialist to review your Employee Benefit Program.