Diabetes Medications Become More Affordable in Bermuda
A pharmacy technician at the Bermuda Diabetes Association, Alexis Fox-Moreno, alongside staff pharmacist Marsha Anderson and head pharmacist Melissa Levy-James, announced recent developments regarding diabetes treatment costs.
There’s good news for patients in Bermuda: a popular diabetes medication that previously cost around $1,000 monthly is set to become much more affordable. Known collectively as GLP-1s, these drugs are now being offered in their generic forms by the Bermuda Diabetes Association.
Medications like semaglutide, which is commonly recognized under the brand name Ozempic, have significantly changed diabetes care over the past decade. These drugs assist individuals with type 2 diabetes in managing their blood sugar levels. Additionally, they contribute to weight management, reduce the risk of major cardiovascular issues like strokes, and slow the progression of chronic kidney disease.
Nonetheless, the Bermuda Diabetes Association pointed out that the hefty price of branded GLP-1 medications has, unfortunately, made these essential treatments inaccessible for many. This creates a substantial financial strain not just for individuals and families but also for insurers and the broader healthcare system. Many people who might greatly benefit from these medications have been unable to obtain them.
The estimated cost of these branded medications came from Peter Lozier, the former group head of benefits for BF&M and Argus, now known as Allshores. He noted a sharp increase in usage of these drugs in Bermuda. Last year, he mentioned that while generic versions were expected to arrive in the U.S. in the 2030s, an off-brand version expected to debut this year in Canada could potentially cut monthly costs by over 50%.
Recently, the Bermuda Diabetes Association revealed that the introduction of generic semaglutide at their community pharmacy would enhance access to this important treatment for many Bermudians. The association explained that these generic medications contain the same active ingredients as the branded ones and meet the same high standards for quality, safety, and effectiveness.
Moreover, they believe that this shift will alleviate financial burdens for insurers and the entire healthcare system. Melissa Levy-James, the head pharmacist, responded to common concerns about generics, stating that they are not inferior or lower quality; the association sources them from reputable manufacturers.
Lori Rockhead, the executive director of the BDA, remarked on the expense of living with diabetes, affirming their commitment to reducing barriers to care. She also noted that the pharmacy is open to all, not only those with diabetes.
Since 2020, the pharmacy has estimated that it saved customers $3.5 million in dispensing fees. Those living with diabetes have access to over $400,000 in discounts on expensive medications, including GLP-1s.
Additionally, medications such as Ozempic are now covered by Allshores, effective this month, through a partnership with Phoenix Pharmacies. While this partnership faced scrutiny and was temporarily paused after discussions with the Bermuda Health Council and the Government, the insurer has included Ozempic in a limited list of very costly medications, asserting the partnership will help lower prices.
A spokesperson for the insurer supported the BDA’s initiative, emphasizing that generics provide the same medications as name-brand versions at significantly reduced prices. They acknowledged the high diabetes rates in Bermuda, recognizing that cost often hinders individuals from pursuing care. By making lower-cost generic medications available, it enables Bermudians to manage their diabetes more effectively, ultimately benefiting families and lessening the need for more expensive treatments in the future.
This shift in policy is seen as a step toward reducing overall healthcare costs, easing pressure on insurance premiums, and tackling one of the major challenges of healthcare affordability in Bermuda. While there isn’t a one-size-fits-all solution, enhancing access to quality generic medications is viewed as a substantial way to improve the situation while ensuring that people can continue to receive the care they need.
