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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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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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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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Health Plans Covering Fewer Drugs, Imposing More Restrictions

InterWest Insurance Services

As prescription drug costs continue growing and pricey new pharmaceuticals add to health plans’ cost burdens, some carriers are starting to reduce the number of medications they’ll cover and are imposing new barriers to accessing the most expensive ones. On top of it all, pharmaceuticals are getting more expensive.

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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%

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FTC Report Strikes at the High Cost of Drugs

Workers' Compensation

The US Federal Trade Commission [FTC] report "Pharmacy Benefit Managers: The Powerful Middlemen Inflating Drug Costs and Squeezing Main Street Pharmacies" examines the influence of Pharmacy Benefit Managers (PBMs) in the pharmaceutical industry. PBMs act as middlemen managing prescription drug coverage for millions of Americans.