April 15, 2013 - Equitable Life of Canada is enabling clients to capitalize on
the unprecedented number of generic drugs available and generic
drug pricing reform by implementing Mandatory Generic across all
group drug plans.
There have been a significant number of highly utilized drugs
that have lost patent exclusivity, and Provincial generic pricing
regulations have swept the country. Brand drug manufacturers are
responding with strategies to retain patient loyalty by offering
offsets to price differences through the use of patient choice
programs. To capitalize on the availability of generics for
many blockbuster drugs and the Provincial generic price reform,
Equitable Life is implementing Mandatory Generic to all group drug
plans.
Plan Sponsors who choose to capitalize on opportunities
associated with generic drugs will see a reduction applied to their
health rate at the time of renewal. Applying mandatory generic to
group benefits is a timely opportunity for Plan Sponsors to reap
rewards and add long-term sustainability to their drug plan.
As part of our proprietary Drug Plan Management Toolkit suite of
communication tools, Equitable Life has designed support tools to
assist Advisors and Plan Sponsors with more effective decision and
implementation of a mandatory generic drug plan. We have included
fast facts about generic drugs, drug industry trending and
encouraged Plan Members and their families to share responsibility
in the sustainability of a benefit which is so important to
them.
How Mandatory Generic Works - We will reimburse up to the
lowest cost alternative
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When a pharmacy submits a claim for an interchangeable Brand
drug, they will be notified that reimbursement is limited to the
lowest cost interchangeable drug.
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Equitable Life will continue to pay for the cost of single
source Brand drugs.
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If the patient prefers the Brand drug over the interchangeable
generic drug, they will be responsible to pay the difference in
cost.
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Even if the Physician indicates "No Substitution" Equitable Life
will only pay the cost of the interchangeable generic drug.
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Exceptions can be made in rare cases. The patient's Doctor or
pharmacist must complete a Health Canada Adverse Drug Reaction Form
and submit to Equitable Life for approval.
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More Information about Equitable Life's Mandatory Generic Drug
Plan is available through your nearest Equitable Life Group
Marketing Manager.
About Equitable Life of Canada
Since 1920, customers have been depending on Equitable Life of
Canada for financial protection. As one of the largest mutual life
insurance companies in Canada, Equitable Life® is dedicated solely
to its policyholders. Everything we do is focused on providing them
with personalized service, security and wellbeing. Through Managing
General Agencies and Advisors, Equitable Life offers a wide
selection of competitive Individual Life and Health, Savings and
Retirement and Group Benefits products to meet a range of financial
planning and health needs.
www.equitable.ca
Media Relations Contact
Mike Waechter
Director, Group Marketing
Direct Line: 519.904.8090
Email: mwaechter@equitable.ca
