06:11:14 EDT Fri 10 May 2024
Enter Symbol
or Name
USA
CA



Manulife Financial Corp
Symbol MFC
Shares Issued 1,806,733,528
Close 2024-02-16 C$ 33.30
Market Cap C$ 60,164,226,482
Recent Sedar Documents

Globe says public outcry has Manulife changing course

2024-02-20 07:28 ET - In the News

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

The Globe and Mail reports in its Saturday edition that Manulife Financial faced criticism from the public after it said it would only cover the cost of specialty drug prescriptions filled at Loblaw's Shoppers. The Globe's guest columnist Vas Bednar writes that Manulife, however, reversed its decision last week, saying it would cover the cost of those drugs regardless of where they were filled. A popular scheme that is familiar in the U.S., known as a "preferred pharmacy network" (PPN), was swiftly rejected by Canadians. Mr. Bednar, however, says the "win" for competition and consumer rights was circumstantial and will not be substantive without official policy action. Under these deals, only the selected pharmacy can dispense certain drugs covered under the plan, which compels plan members to purchase their medications at that pharmacy or pay for them out of pocket. While PPNs can offer some cost savings, they may also have a negative impact on independent pharmacies that lack the same negotiating power. These agreements can change the marketplace for medicine in favor of the companies. Additionally, more expensive medicines may be used to offset other cost savings the smaller pharmacies are able to provide.

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