22:36:17 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Manulife Financial Corp
Symbol MFC
Shares Issued 1,806,039,020
Close 2024-02-07 C$ 30.41
Market Cap C$ 54,921,646,598
Recent Sedar Documents

Globe says Manulife's Loblaw deal bad for competition

2024-02-07 07:27 ET - In the News

Also In the News (C-L) Loblaw Companies Ltd

The Globe and Mail reports in its Wednesday, Feb. 7, edition that in mid-January, Manulife Financial announced that most people who buy expensive specialty drugs through the insurer could only do so at Loblaw pharmacies. A Globe editorial says Manulife claimed it was for "the benefit" of customers. It is easy to see problems when one of the few large insurers tells you it is in fact a good thing that life-sustaining drugs would be delivered by a "single service provider." The overly weak Competition Act had no specific prohibition against such arrangements. This time, however, there was blowback. Experts called it an example of large companies "exercising market power" and squeezing smaller rivals. Ottawa said Manulife and Loblaw were not getting the message that "we want more competition." On Monday, Manulife, after saying less choice was optimum, suddenly decided more choice would be better for its customers. The Globe says the new and pending changes to the Competition Act are essential. Just as important is changing the culture of business in Canada. The blowback to an anti-competitive deal is good news and bodes well for a new era where greater competition is at the fore of everyone's thinking.

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