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CVS’ 2024 Layoffs Will See Over 2900 Workers Make Their Exit

HR Digest

If you were convinced that layoffs were an IT sector phenomenon , the pharmaceutical industry would like to have a word with you. Besides the mention of corporate workers, CVS has not indicated whether it will target specific departments while making the cut. Impacted positions are primarily corporate roles.

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More Employers Cover Weight-Loss Drugs: Survey

InterWest Insurance Services

The survey found that 44% of employers with 500 or more workers cover weight-loss drugs like Wegovy and Zepbound, as well as older medications in the same class like Saxenda (made by Novo Nordisk). These drugs, known as GLP-1s, are contributing to a significant spike in pharmaceutical costs and adding to overall health care outlays.

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Group Health Plan Trends for 2025

InterWest Insurance Services

Chronic conditions Besides rising pharmaceutical costs, chronic and serious conditions such as cancer, heart disease, diabetes and autoimmune diseases are major contributors to high health care costs. Even then, they may require step therapy before prescribing them, which includes: Trying other established and proven anti-obesity medications.

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Commissioner Orders Benchmark Workers’ Comp Rate Reduction

InterWest Insurance Services

The higher rates reflect the costs borne by health insurers, which are seeing more claims for care that was postponed during the COVID-19 pandemic and a steady rise in the cost of pharmaceuticals as more innovative and effective drugs come to market, according to the study by PricewaterhouseCoopers.

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HR Challenges in the Pharmaceutical Industries

Vantage Circle

All of which will imply how the pharmaceutical industry is likely to conduct its business in the near future. With the constant layoffs, corporate mergers and acquisitions in the pharmaceutical market, and rise in the compensation standards, many businesses have also adopted an outsourcing business model. Development in Technology.

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Open Enrollment Prep: Identify Workers’ Needs, Consider Costs to Plan Benefits

InterWest Insurance Services

With answers and feedback in hand you can create a benefits package which is more appealing to them, which in turn gives you a competitive edge when attracting and retaining workers. Provide employees with a breakdown of medical and pharmaceutical cost increases to avoid sticker shock. Get an early start If your plan year starts Jan.

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Report: Group Health Plan Cost Inflation to Pick Up Steam

InterWest Insurance Services

in 2024, as inflation starts hitting the cost of delivering care as well as pharmaceuticals. Despite the large expected premium increases, employers still seem to be reluctant to pass on more of the premium cost to their covered workers. However, some pharmaceuticals cost much more. The cost hike is almost double the 4.5%