Canada's healthcare system continues to change. Due to rising drug costs, government health insurance coverages that were once taken for granted are now being reduced, and the responsibility for many of these healthcare benefits is being shifted to the private sector. Now, more than ever, Canadians are depending on their employee benefit programs. The expense of maintaining these benefits is also escalating. The cost of prescription drugs is now the fastest rising component of an employee benefit plan. As well, the aging workforce and the introduction of new, more expensive medications contribute to this continuous escalation. Containing these costs is key to maintaining the quality of your drug plan. You can help yourself in the following ways:
SHOP "SMART" - There are two components to drug prices: ingredient costs and dispensing fees. The ingredient cost is the actual cost the pharmacist pays for the drug. The ingredient cost of new drugs is often much higher than that of drugs which have been on the market for some time. Newer drugs may not necessarily be therapeutically better than a drug marketed earlier. Sometimes new drugs are just repackaged for convenience, such as patches, sustained release drugs, or capsules rather than tablets. These convenience drugs usually come at a higher price. All of these factors result in higher costs to your benefit plan. The pharmacist also charges and additional fee for the time and effort required to fill a prescription. These dispensing fees can vary greatly from one pharmacy to another. You can keep costs down by buying less expensive drugs and shopping at a pharmacy that charges a lower dispensing fee.
The following are prices for a 90 tablet supply of a popular blood pressure and cholesterol medication.
Safeway Atacand - $122.46 Lipitor - $166.25 Dispensing Fee - $9.60
Shoppers Atacand - $132.45 Lipitor - $190.29 Dispensing Fee - $12.00
Costco Atacand - $108.38 Lipitor - $150.82 Dispensing Fee - $4.49
As you can see, shopping around for your prescriptions can save you and your drug plan money and you do not have to be a Costco member to use the pharmacy. Please note that Manitoba currently does not have a cap limiting dispensing fees in the province.
A FORMULARY - Another way your employer may try to contain the rising costs to your drug plan is through a managed drug care formulary. A formulary is a comprehensive list of drugs chosen because they are both medically necessary and cost effective. Typically, not all prescription drugs are covered under a formulary. Drugs such as smoking cessation or fertility prescriptions are often excluded. Convenience drugs such as capsules, patches and sustained release drugs might also be left off a formulary. In addition, many formularies now include mandatory generic substitution.
GENERIC SUBSTITUTES - A generic drug is an exact chemical copy of a brand-name drug, and is often significantly less expensive. In many cases, a generic equivalent drug can be prescribed instead of the more expensive brand-name drug. Ask your doctor when prescribing, or your pharmacist when filling a prescription, if there is a generic substitute available.
TAKE YOUR MEDICATION AS ADVISED - Prescription medications, like any drugs, have the potential to be harmful if used inappropriately. Taking a drug at the wrong time or circumstance or in combination with other drugs can be dangerous. As well, the therapeutic value of a drug can be reduced if the drug, dosage or duration of therapy is incorrect. It is estimated that 50 percent of prescription drug users do not take their medication according to their doctor and pharmacist directions. This can result in prescriptions being repeated unnecessarily, which translates into higher drug-plan costs.
SHOP "SMART" - There are two components to drug prices: ingredient costs and dispensing fees. The ingredient cost is the actual cost the pharmacist pays for the drug. The ingredient cost of new drugs is often much higher than that of drugs which have been on the market for some time. Newer drugs may not necessarily be therapeutically better than a drug marketed earlier. Sometimes new drugs are just repackaged for convenience, such as patches, sustained release drugs, or capsules rather than tablets. These convenience drugs usually come at a higher price. All of these factors result in higher costs to your benefit plan. The pharmacist also charges and additional fee for the time and effort required to fill a prescription. These dispensing fees can vary greatly from one pharmacy to another. You can keep costs down by buying less expensive drugs and shopping at a pharmacy that charges a lower dispensing fee.
The following are prices for a 90 tablet supply of a popular blood pressure and cholesterol medication.
Safeway Atacand - $122.46 Lipitor - $166.25 Dispensing Fee - $9.60
Shoppers Atacand - $132.45 Lipitor - $190.29 Dispensing Fee - $12.00
Costco Atacand - $108.38 Lipitor - $150.82 Dispensing Fee - $4.49
As you can see, shopping around for your prescriptions can save you and your drug plan money and you do not have to be a Costco member to use the pharmacy. Please note that Manitoba currently does not have a cap limiting dispensing fees in the province.
A FORMULARY - Another way your employer may try to contain the rising costs to your drug plan is through a managed drug care formulary. A formulary is a comprehensive list of drugs chosen because they are both medically necessary and cost effective. Typically, not all prescription drugs are covered under a formulary. Drugs such as smoking cessation or fertility prescriptions are often excluded. Convenience drugs such as capsules, patches and sustained release drugs might also be left off a formulary. In addition, many formularies now include mandatory generic substitution.
GENERIC SUBSTITUTES - A generic drug is an exact chemical copy of a brand-name drug, and is often significantly less expensive. In many cases, a generic equivalent drug can be prescribed instead of the more expensive brand-name drug. Ask your doctor when prescribing, or your pharmacist when filling a prescription, if there is a generic substitute available.
TAKE YOUR MEDICATION AS ADVISED - Prescription medications, like any drugs, have the potential to be harmful if used inappropriately. Taking a drug at the wrong time or circumstance or in combination with other drugs can be dangerous. As well, the therapeutic value of a drug can be reduced if the drug, dosage or duration of therapy is incorrect. It is estimated that 50 percent of prescription drug users do not take their medication according to their doctor and pharmacist directions. This can result in prescriptions being repeated unnecessarily, which translates into higher drug-plan costs.
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