WHAT SHOULD YOU KNOW ABOUT
PERSONALIZED MEDICINE?

PMPs are particularly effective for mental health and chronic conditions. Currently, 48% of Canadians are experiencing at least one work-related mental health factor1. In such situations, PMPs reduce the need for trial and error in medications. According to a study, 53% of people on treatment for mental health require changing medicine and within that dataset, 82% of people recover faster2. By finding medicines that work more effectively, employees will likely experience faster recovery times and fewer side effects. By encouraging proactive care, employees can stay healthy, resulting in fewer sick days and reduced long-term absences. 

In Canada, employers lose $16 billion in revenue due to health-related absenteeism3. A group benefits plan that includes PMP would help your employees recover more quickly and return to work sooner, resulting in less revenue lost due to absenteeism.

Numerous studies have concluded that while the premium of PMPs might seem as an added initial expense, in the long run, it turns out to be cheaper for the company. Through better-suited medication, employees would visit the hospital less often, and less money would also be spent from expense accounts on ineffective medicines. Furthermore, your employees would also be safeguarded from adverse medication reactions, which could thoroughly impact individuals and their ability to work.

In conclusion, by reducing unnecessary treatments and improving care accuracy, your company could lower claims and therefore keep premiums more stable over time. Furthermore, PMP could help your company save up to $2400 per employee in the long run.

In a recent study, 67% of employees stated that they would like to undergo pharmacogenomic testing. By offering PMPs, your company signals that it is responsive to this need and demonstrates to employees that you are invested in their future well-being, which can be a powerful differentiator for your company. Furthermore, it could also help attract health-conscious employees. This is particularly effective, as studies show that over time, an increasing percentage of workers are seeking more control over their health. Furthermore, PMPs allow doctors to provide education and guidance catered to specific individuals. As employees gain a better understanding of how their treatment plans work, they are more likely to act on the results, which in turn improves their overall well-being. Employee well-being plays an integral role in boosting overall productivity and increasing retention, which in turn impacts company profitability.

If employees choose to share their results, through data analysis and lifestyle data, results can be correlated with other technologies to improve the overall health of your workforce. Personalizing ways in which each individual can be healthier leads to a net positive effect company-wide, as fewer costs are incurred due to health-related absences.

Companies that run pharmacogenomics tests adhere to strict privacy and confidentiality laws. These safeguards ensure that data is protected, alleviating your employees’ concerns about unauthorized access. Furthermore, test results are only shared with the employee and would only be shared with doctors if the employee agrees to do so. This control would help gain trust in the program, demonstrating to employees that their health matters to you. This would help improve employee well-being through a measurable return on investment due to productivity gains.