14:07:43 EDT Fri 10 May 2024
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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
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Globe says Manulife, Loblaw face growing public outcry

2024-02-20 07:47 ET - In the News

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

The Globe and Mail reports in its Saturday, Feb. 17, edition that insurance companies are increasingly relying on exclusive deals with pharmacies and drug suppliers to manage the rising cost of prescription drugs, a tactic that has drawn public scrutiny. The Globe's triple bylined item reports that Manulife Financial recently announced a deal with Loblaw's Shoppers Drug Mart. According to the deal, chronically ill patients would have been restricted to buying their medication only from pharmacies that are owned by Loblaw. However, the deal was later cancelled. These deals are known as preferred pharmacy (or provider) networks (PPNs). Insurance companies say these deals can deliver savings. However, patient groups warn that PPNs can limit access to drugs, and independent pharmacists say such deals unfairly lock out thousands of small businesses. Pharmacists have felt growing "angst" about how these deals can limit patient choice, said Canadian Pharmacists Association vice-president Joelle Walker. She said, "Ultimately, this is what it is: It's your insurance company -- it's not your doctor, it's not your pharmacist who has the clinical expertise -- it is your insurance trying to direct the care that you're getting."

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