A decade in review
We are honoured to celebrate our 10th anniversary on March 30. It’s been a decade of building, innovating and serving our clients. It’s been a fabulous journey; and I’m delighted to share some highlights from our ten years as we started, grew and delivered value:
Reformulary Group officially incorporated in March, and founder, Helen Stevenson secures capital to launch our growth. We move into 55 York Street and grow to a team of 5 by year-end. Helen authors An End to Blank Cheques, with foreword by Don Drummond. We convene the inaugural meeting of our distinguished Expert Committee – our Committee has provided excellent clinical advice to us every month for the past ten years. And we sign our first major partnership agreement, with Sun Life Financial.
Our award-winning DrugFinder® tool is launched. We pioneer and sign our first product listing agreement (affectionately known as a PLA) – an industry first. We produce Update #1 to the Reformulary. And we outgrow our office space and move to a larger office at 55 York Street.
Our first clients have their employee drug benefit plans powered by Reformulary®. Great results abound.
We publish the proof : First client report card showcases results: Client A achieves cumulative savings of $830,357 over two years. Client B achieves $648,597 cumulative savings over two years. Plan C decreases drug spend by 37.9%. We sign a partnership agreement with The Co-operators. Helen authors Making a Right Turn, stating “too many private plans in Canada remain high on cost, and low on value”.
The Globe Report on Business highlights mounting cost of prescription drugs in Canada that’s putting benefit plans under pressure. For Sun Life clients that are powered by Reformulary, Sun Life announces industry-leading discount on “stop loss” charges.
Combined proof: Our first year-in-review showcases our 2016 results: 363% year-over-year client growth. Saved 11.4% for first-year clients. Sun Life markets the Reformulary as “the best solution in the market”. Our results are noticed as we earn 13,170,627 media impressions. Helen speaks on National Pharmacare, hosted by Dr Brian Goldman’s White Coat Black Art, and speaks to the Citizens’ Reference Panel on Pharmacare in Canada.
We launch our Drug Early Warning (DEW) System®, a risk management tool that is a serious game-changer. It uses clinical algorithms and predictive modelling to project the impact of new high-cost drugs on drug plans. Our app DrugFinder is made available to all Canadians. Reformulary sees our fair share of copycat formularies, but they’ll never be who we are.
Alexa, meet DrugFinder: Reformulary is the first in Canada to offer this conversational commerce capability to users of the DrugFinder app to help make smart drug choices. Cannabis Standard launched. CEO Helen Stevenson is honoured to receive the TELUS Outstanding Product Achievement Award for DrugFinder. In a separate award, Helen is honoured as one on “Eight female founders who are blind to the notion that tech is a man’s world”. Helen dons a red cape to raise money for Capes for Kids, in support of Holland Bloorview Kids Rehabilitation Hospital.
Reformulary publishes an expert report, entitled “Opioid Prescribing in Canada and its Potential Contribution to the Opioid Crisis”. The peer-reviewed report analyses how Canadians are being prescribed opioids, the dosing of opioids compared to expert guidelines, and the use of opioids and other therapies. CEO Helen Stevenson is featured on The Agenda with Steve Paikin.
A tribute and thank you to everyday heroes, and a special call-out to frontline healthcare workers during the pandemic. Reformulary launches our COVID-19 DEW report, tracking drug and vaccine developments. We sign on with BlackNorth Initiative, launches a partnership with Cinchy, a data fabric platform to advance our data collection and management, launch myRequest® Services and launch Cannabis Standard Index.
As we pause and reflect on what we have accomplished for the past ten years, we are grateful for the support of our customers, our team members, our board members, our investors, and for the experts who guide our decision-making. We take strength and energy from our accomplishments, which inspires us to achieve success in the decade to come.