TORONTO, Dec. 15, 2011 – 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™, employees will now be able to make more cost-effective decisions about their prescription drug choices.”
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2011, the Sun Life Financial group of companies had total assets under management of $459 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
About Reformulary Group
Reformulary Group Inc. is the first company in Canada dedicated to helping insurers and employers provide care-effective drug benefits while lowering overall prescription drug spending. Reformulary™ is the first truly evidence-based, tiered formulary in Canada. Better-managed plans powered by Reformulary™ should yield significant savings for employers, directly impacting the bottom line and providing room for inves™ent in effective employee health programs.
Reformulary Group’s novel approach also aims to empower employees by educating them about the cost effectiveness of drugs, helping them make informed choices.
For more information, please visit www.reformulary.com.