Cost of Living
Sun Life and Reformulary Group announce strategic alliance to help lower drug costs for employers
TORONTO - Sun Life Financial has signed a strategic alliance with Reformulary Group Incorporated to develop a ground-breaking new drug plan for employers.
Reformulary Group, founded and led by Helen Stevenson , has developed an innovative formulary - or list of prescription drugs - available through employer-sponsored drug plans designed to deliver the most effective medications for the best value.
The list is being developed based on advice from an independent expert committee, which evaluates prescription drugs on their clinical and cost-effectiveness. By spring 2012, plan sponsors who have their group benefits with Sun Life will have access to this innovative drug plan that provides comprehensive reimbursement for prescription drugs, many at lower prices.
"We know drug costs are a great concern to plan sponsors and as an industry we need to do more to help organizations deal with this challenge," said Stuart Monteith , Senior Vice-President, Group Benefits, Sun Life Financial Canada . "At Sun Life, we are committed to demonstrating leadership on this issue, and we are confident that our strategic alliance with Reformulary Group will help us address our clients' concerns."
"To get more value out of their drug plans, plan sponsors need to take action. Reformulary Group has developed the first evidence-based formulary of its kind in the private sector in Canada - and we're excited about our alliance with Sun Life to bring this novel solution to their plan sponsors," said Helen Stevenson , Founder, President and CEO, Reformulary Group. "With a drug plan powered by Reformulary TM , employees will now be able to make more cost-effective decisions about their prescription drug choices."