Benefits of employer-sponsored specialty medications extend beyond the workplace
OTTAWA, Sept. 12, 2016 /CNW/ - The increased use of specialty medications to treat a widening array of chronic conditions has raised concerns for Canadian employers about how to manage the rising costs of employer-sponsored benefits. A new Conference Board of Canada report, however, finds that benefits of specialty medications provided by organizations are real and extend well beyond the workplace of the employee to include benefits to other companies, the economy and the health care system.
The report, The Value of Specialty Medications: An Employer Perspective, examines the benefits of specialty medications in treating three chronic diseases: rheumatoid arthritis, Crohn's disease, and multiple sclerosis (MS). It finds that the average annual benefit to society from treatments involving specialty medications range from $6,600 to $17,000 depending on the disease.
"Canadian employers need to understand the wider benefits associated with specialty medications," said Mary-Lou MacDonald, Director, Workplace Health, Wellness and Safety Research, The Conference Board of Canada. "Specialty medications often improve employee productivity, while at the same time reducing caregiving needs and strain on the health system."
- The increased use of specialty medications to treat a growing array of chronic conditions has Canadian employers asking how to manage the rising costs of employer-sponsored benefits.
- Societal benefits of specialty medications include a decrease in caregiving needs of working relatives and reduced use of healthcare resources, which total an estimated $6,600 to $17,000 per employee in benefits depending on the disease.
- A competitive and comprehensive benefit plan plays a role in helping employers recruit and retain employees.
Specialty medications are defined as any medication with a cost of at least $10,000 per person per year during maintenance therapy in the context of treating -chronic diseases for employees and their dependants. Often times, these medications can delay the progression of conditions, alleviate symptoms, prevent or delay relapses. They can also allow employees to return to, or become more productive, at work.
While the level of benefits differs by disease and the perspective by which they are viewed, financially they can generate annual workplace related benefits that range from $3,800 to $6,000 per employee for a plan-sponsoring employer, through reduced sick leave and increased productivity. Beyond financial benefits, a competitive and comprehensive benefits plan – that includes employer-sponsored speciality medications–also plays a role in helping employers recruit and retain employees.
The benefits of specialty medications also extend beyond the workplace to include a decrease in caregiving needs of working relatives and reduced use of healthcare resources. These benefits amount to $2,100 to $11,000 per employee in gains over and above those realized by the plan-sponsoring employer.
"Considering the significant benefits that accrue to society from employer-sponsored benefit plan coverage, cost-sharing arrangements with other stakeholders, including government merit further consideration in order to improve access to specialty medications," suggested Ms. MacDonald.
The Value of Specialty Medications: An Employer Perspective is the second report in a two-part series. The first report, Specialty Medications: Background Information for Employers, was published in July. The research was sponsored by Innovative Medicines Canada, Crohn's and Colitis Canada, Amgen, Roche Pharmaceuticals, Sanofi Canada, and Sun Life Financial.
Follow The Conference Board of Canada on Twitter.
For those interested in broadcast-quality interviews for your station, network, or online site, The Conference Board of Canada now has a studio capable of double-ender interviews (line fees apply), or we can send you pre-taped clips upon request.
If you would like to be removed from our distribution list, please e-mail firstname.lastname@example.org.
SOURCE Conference Board of Canada