adplus-dvertising
Connect with us

Business

Manulife will cover specialty drug prescriptions at any pharmacy – CTV News

Published

 on


Manulife Financial Corp. says patients who require specialty drugs will be able to fill their prescriptions at any pharmacy after backlash sparked by the insurance provider signing an exclusive arrangement with Loblaw Cos. Ltd.

The insurance provider had told patients last month its specialty drug program would transition to being carried out “primarily” through Shoppers Drug Mart and other Loblaw-owned pharmacies. Manulife had previously also covered specialty drugs through national home and community health-care provider Bayshore HealthCare.

“We have listened to and are addressing the concerns we have heard over the past week,” said Manulife Canada chief executive Naveed Irshad in a statement on Monday.

“Though this change impacts only a small number of our members, it helps ensure that all Canadians we support have choice, access, and flexibility in managing their health. We are proud to partner with thousands of pharmacies across the country and contribute to a strong and healthy Canadian healthcare system.”

Manulife’s specialty drug program affects around 260 medications meant to treat complex, chronic or life-threatening conditions such as rheumatoid arthritis, Crohn’s, multiple sclerosis, pulmonary arterial hypertension, cancer, osteoporosis and hepatitis C.

Patients covered under the program represent less than one per cent of all those insured through Manulife, the company said, adding that “across the rest of our business, we have always offered Canadians the option to choose their pharmacy.”

Deals that provide exclusivity for a particular pharmacy to distribute drugs under an insurance plan are known as preferred pharmacy network arrangements. Researchers have said those arrangements are common in the U.S. and growing in Canada.

Manulife had previously said the shift to an exclusive agreement would give patients “more options” to receive their specialty medications, with patients able to pick up drugs from a Loblaw-owned pharmacy or have them delivered to their home.

Loblaw spokeswoman Catherine Thomas said in a statement that Shoppers Drug Mart pharmacies “will continue to support patients, providing a holistic approach to care for Canadians living with some of the most complex diseases.”

“As we’ve said all along, our goal is to ensure patients have convenient access to care, and we believe strongly in choice,” she said.

Some had expressed worry that specialty drugs could become less accessible to those in rural or remote regions who don’t live near a Shoppers Drug Mart as a result of the previously announced deal.

Marc-André Gagnon, a professor at Carleton University who focuses on social, health and pharmaceutical policy, said he was surprised by the level of attention the deal received.

“Normally, this kind of stuff is always under the radar and basically nobody’s asking questions about this,” he said.

“I’m not surprised that with media coverage, the insurance company changed its decision because they were looking very bad in doing something like this.”

In an update posted to its website, Manulife said it’s implementing the change “swiftly.”

Gagnon said that although Manulife reversed course, the issue isn’t going away. He noted Quebec remains the only province in Canada where there are restrictions that prevent insurance providers from entering into preferred pharmacy network arrangements.

“It’s not a one-time event, bad decision by a private drug plan,” he said.

“You have structural issues and private drug plans will try to solve these structural issues in a way that will be satisfying for their shareholders to the expense of insurees.”

Industry Minister François-Philippe Champagne said last week he was concerned about the deal between Manulife and Loblaw, who “don’t get the message” about the need for increased competition.

“We want more options. We want more choices, so that’s not going in the direction we want to see,” he had told reporters.

NDP MPs Don Davies and Brian Masse had also penned a letter to Competition Commissioner Matthew Boswell requesting the Competition Bureau launch an investigation into the deal based on reporting by The Canadian Press.

This report by The Canadian Press was first published Feb. 5, 2024

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

Published

 on

 

TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

Published

 on

 

VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

Published

 on

 

MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending