Manulife’s optimized drug formulary offers improved drug plan cost controls
January 20, 2023
For business owners, plan administrators, and sponsors
We understand that organizations want to provide members access to the medications they need – all while ensuring plan costs remain sustainable.
That’s why we are introducing the Optimized Drug Formulary (ODF).
With the ODF, we are combining four of our most effective cost containment features in one value driven package:
- Managed Formulary: Gives members access to the cost-effective medications that are essential to their care.
- Mandatory Generic Pricing: Allows payment for brand drugs up to the lowest cost generic price.
- Maximum Allowable Cost: Limits payment on expensive traditional medications that do not offer any additional health benefit.
- Limited Number of Dispensing Fees: Maximizes saving on dispensing fees by encouraging maintenance medications to be dispensed in a 3-month supply, when appropriate.
When compared to a standard mandatory generic prescription drug plan, the ODF offers up to 6.5% savings on drug plans for organizations.* Our new ODF is available for all group sizes. The ODF plan is not available in Quebec.
When we can help make medication coverage more affordable, more organizations can ensure their members get effective drug coverage without compromising healthy patient outcomes. That’s why we’ve introduced ODF.
If you have any questions about our Optimized Drug Formulary product, please contact your Manulife representative.
* Savings vary by provincial distribution of members
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