Cost Drivers Report 2023
Annual cost growth in Canada’s private drug benefit market is driven by increased utilization and chronic disease drugs, with an increase in claimants post‑pandemic.
Read the full report.
Canadians benefit from effective and efficient private drug benefit plans.
More than 24 million Canadians benefit from private drug plan coverage. Private drug plans tend to cover more drugs more quickly when compared to public plans, which helps increase the value of the Canadian market for future pharmaceutical innovation.
Annual cost growth in Canada’s private drug benefit market is driven by increased utilization and chronic disease drugs, with an increase in claimants post‑pandemic.
Read the full report.
IMC contracted Reformulary Group to analyze the cost of a private plan prescription drug claim in Canada, and separately in Quebec. This report summarizes that analysis.
The process for Canadians to access new medicines is extremely complex and involves several different federal, provincial, and territorial agencies. It takes two years following approval (732 days) for Canadian patients to get access to a drug in the public plan, whereas those in the private plan get access to a drug in less than one year (226 days).
This article originally appeared in the Benefits and Pensions Monitor on September 5, 2023. ‘If the insurance industry doesn’t upgrade drug insurance […]
Breaking down and analyzing current events in the healthcare industry for our members, policy influencers and the Canadian public.
Our member companies, which range from early-stage startups to established organizations, are revolutionizing healthcare through the discovery and development of new […]
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