Sun Life’s Specialty Drugs Preferred Provider Network is coming

#420

PDF Version

There has been a lot of discussion in the market about specialty drug costs in Canada.  We want to take this opportunity to inform you about exciting developments here at Sun Life with regard to a new specialty drug offering:

  • Helping to better manage prescription drug costs.  The Sun Life Preferred Pharmacy Network (PPN) has been developed to assist plan sponsors and their members in managing specialty drug costs, promoting employee health, and driving value through the network.

  • Offering significant savings for plan members.  Plan members will benefit from significant savings on specialty drugs, as well as access to value-add services offered by participating PPN pharmacies.

  • Providing value and convenience for plan members.  Plan members will be provided with the network of participating pharmacies within their community and will be encouraged to fill their specialty drug prescriptions at a PPN pharmacy, as part of their plan member benefits.

  • Leveraging an extensive, national network.  The Sun Life PPN will be an extensive, coast-to-coast national network.  Due to specific provincial requirements, the network will exclude Quebec for the time being, however, solutions are being explored for this important market.

Sun Life is a leading provider of pharmaceutical innovation in Canada

In 2012, life and health insurers paid $10.3 billion in prescription drug benefit payments; with Sun Life’s share approximately $2 billion, or 20% of the industry drug spend[i]. Specialty drugs are becoming a critical cost component of drug plan coverage across Canada. While impacting only 1-2% of plan members, specialty drugs spend for drugs listed in our enhanced prior authorization program in 2012 increased by 19% over 2011[ii].

Why does a Preferred Pharmacy Network make sense for Sun Life at this time?

Plan sponsors are looking to us for ways to help them manage their costs. Through negotiations with a network of participating pharmacies, Sun Life will be able to pass along significant savings on specialty drugs to plan members across Canada (excluding Quebec), while lowering plan sponsors’ costs and providing a quality member experience. 

Look for upcoming announcements about our Preferred Pharmacy Network in the coming months.             

Questions?

Please contact your Client Service Administrator at 1-877-786-7227.

________________________________

[i] Source : CLHIA, August 2013

[ii] Source: 2012/2011 SLF Block of Business, Internal data 2011-2012