Allshores Partners With The Phoenix Stores
“Beginning March 1, new prescriptions for certain high-cost medications will be directed to The Phoenix Stores pharmacies as the designated provider,” Allshores said.
A spokesperson said, “Allshores Limited announced a pharmacy partnership designed to help manage rising prescription drug costs while maintaining full coverage and continued access for members, particularly those managing chronic or complex health conditions.
“This initiative does not reduce pharmacy benefits. Benefit schedules have not changed, and coverage levels remain the same. In some cases, coverage for certain high-cost medications has improved. For most plans, eligible medications continue to be covered at 100% with no copay or deductible when dispensed through the designated pharmacy partner.
“As Bermuda continues to experience sustained healthcare cost increases, high-cost prescription drugs — including GLP-1 treatments, biologics, and oncology therapies — have become one of the fastest-growing drivers of spending. While these medications represent only about 3% of prescriptions, they account for more than 30% of total prescription spend among Allshores members. Many employer clients ask Allshores to use its purchasing power to negotiate on their behalf to help keep healthcare coverage affordable, and this initiative forms part of that effort.
“Following a formal Request for Proposal [RFP] process, The Phoenix Stores — a long-standing Bermudian-owned business — was selected as the designated pharmacy provider for certain GLP-1 and other high-cost prescription medications.
“Beginning March 1, new prescriptions for certain high-cost medications will be directed to The Phoenix Stores pharmacies as the designated provider. Effective April 1, new prescriptions for these medications filled at other pharmacies in Bermuda will be subject to coverage in accordance with the terms of their health plans.
“Allshores began by informing physicians and pharmacies in advance to help ensure continuity of care and a smooth transition for patients. Communications to clients and members are now underway, including targeted outreach to the small group of members with chronic conditions who are directly impacted.
“Physicians and pharmacies have been informed of these changes to support continuity of care, and relevant prescriptions will be directed to The Phoenix Stores pharmacies where appropriate. Regular prescriptions are not affected by this initiative — members may continue to fill all non-high-cost medications at the pharmacy of their choice, including The Phoenix Stores, in line with their existing coverage.
“Specialty pharmacy models such as this are increasingly common internationally, helping improve health outcomes while managing rapidly rising prescription costs.
“To support member convenience, The Phoenix Stores operates eight locations across Bermuda and offers complimentary island-wide home delivery, providing flexible options for accessing medications. Members do not need to take any immediate action.
“A full list of medications included in this initiative is available at allshores.com/phoenix.
“Allshores remains focused on balancing access to care, affordability for members, and the long-term sustainability of Bermuda’s healthcare system. The company will continue monitoring implementation closely and remain responsive to feedback from members, providers, and pharmacy partners.”
