TORONTO, Dec. 17, 2018 /CNW/ - The Canadian Drug Insurance Pooling Corporation (CDIPC) advised today that in 2017, through its sharing framework for high-cost drugs, the private insurance industry has helped keep drug benefits affordable for more than 11,800 small and mid-size employers. This is an increase of 5.8% over 2016, and represents over 22,200 employees and their family members whose drugs costs exceeded $10,000 in 2017.
"These numbers clearly demonstrate that the industry's pooling mechanism is working as it should," notes CDIPC's Executive Director Dan Berty. "But, with more expensive drugs entering the market every year, how to ensure employers can continue to afford to offer drug insurance benefits when costs are escalating at an ever-increasing rate remains our biggest challenge," adds Mr. Berty.
Since 2013, through the CDIPC, Canada's life and health insurers have implemented an approach to shelter employers from the direct impacts of the costs associated with highly expensive and recurring drug treatments required by employees and their families. While not eliminating these impacts, this approach shares the costs between employers and insurers. In so doing, the industry is helping ensure the sustainability of supplemental benefit plans for Canadians.
Additional information on 2017 CDIPC drug pooling results has been posted to CDIPCs website in the pooling results data section.
About CDIPC
The Canadian Drug Insurance Pooling Corporation is a not-for-profit corporation created by the supplemental health insurers in Canada to help facilitate affordable drug coverage for all fully-insured supplementary drug plans while maintaining a competitive health insurance market.
SOURCE Canadian Drug Insurance Pooling Corporation
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"These numbers clearly demonstrate that the industry's pooling mechanism is working as it should," notes CDIPC's Executive Director Dan Berty. "But, with more expensive drugs entering the market every year, how to ensure employers can continue to afford to offer drug insurance benefits when costs are escalating at an ever-increasing rate remains our biggest challenge," adds Mr. Berty.
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Since 2013, through the CDIPC, Canada's life and health insurers have implemented an approach to shelter employers from the direct impacts of the costs associated with highly expensive and recurring drug treatments required by employees and their families. While not eliminating these impacts, this approach shares the costs between employers and insurers. In so doing, the industry is helping ensure the sustainability of supplemental benefit plans for Canadians.
Additional information on 2017 CDIPC drug pooling results has been posted to CDIPCs website in the pooling results data section.
About CDIPC
The Canadian Drug Insurance Pooling Corporation is a not-for-profit corporation created by the supplemental health insurers in Canada to help facilitate affordable drug coverage for all fully-insured supplementary drug plans while maintaining a competitive health insurance market.
SOURCE Canadian Drug Insurance Pooling Corporation
