Unlocking Savings with International Mail-Order Prescriptions 🌍💊

Can international mail-order prescriptions transform how we handle healthcare costs? Discover the untapped potential of sourcing medications from countries like Canada and Mexico as we explore an emerging trend that’s gaining momentum. Join me, Justin Futrell, your benefit advisor from True North Companies, in this eye-opening episode where we unpack the financial and legal incentives of international pharmacy options. You’ll hear how companies can dramatically slash their pharmacy expenses while offering employees a hassle-free way to save on prescriptions.

Hear the compelling case of a manufacturing firm that reduced its annual pharmacy expenses by a staggering $370,000. By shifting to international mail-order prescriptions, they not only benefited their bottom line but also empowered their employees to save money. Listen as I guide you through the steps companies can take to implement this cost-saving strategy, making it a practical solution for both employers and employees. Tune in to unlock strategies that could transform your approach to prescription drugs and healthcare savings.

Music by Alex Lambert.

Contact Justin via text 740-525-5259 or via email JFutrell@TrueNorthCompanies.com

I welcome the opportunity to hear your feedback from this episode!

Thanks again to my musically gifted friend Alex Lambert for the music. Also thanks to Kevin Asehan for the edits.

Transcript

Speaker 1: 0:19

Welcome to another Tuesday morning with Justin. I'm Justin Futrell, benefit Advisor at True North Companies, and today we're going to focus on pharmacy and prescription drugs. What are we going to focus on? Specifically? International drugs. What do we mean by that? Well, you may have heard over the last handful of years that a lot of people are starting to purchase drugs from Mexico, from Canada, from somewhere in Europe. So let's talk about that. What does that look like and is it actually happening? Well, the answer is yes, it is happening. We have several clients who are moving forward with international mail order options. So what that looks like is one.

Speaker 1: 1:09

You can't force an employee to do it right. That just gets you into a legal nightmare. That is not worth it. What you can do is incentivize you, as an employee of your company, to take advantage of an opportunity to save yourself some money. What is actually happening? Yes, you can save money and, yes, your company can save money too, so that's why you're incentivized to get it for free.

Speaker 1: 1:41

Let me walk you through a real example of some data we reviewed recently with a company. It's a manufacturing firm. They have 706 prescriptions that could be mailed in from Canada mailed in from Canada. Of those 706 prescriptions. I'm going to round. Just in case you don't love math, I'm going to round down. So it's conservative. The total paid for those 700 prescriptions was $520,000 and of that employees or members paid $20,000. So in total the company paid 500,000 and employees paid 20 grand. Now by shipping those drugs mail order through Canada and directly to the doorstep of these employees. What does it look like? That's the question. The answer is the cost comes down to $130,000. That means the company, the health plan, is saving $370,000 per year, mind you, just by shipping the exact same drugs from Canada.