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(March-2002) WA fund in a pharmaceutical first
The WA Local Government Superannuation Plan (LGSP) will become the first Australian super fund to offer its members and their families a medication management and supply service.
LGSP has also invested nearly $3 million in Alchemist Healthcare, the company that runs the service, and will have representation on Alchemist’s board.
Not only does Alchemist arrange the supply of lower cost pharmaceuticals, home delivered at no charge, to members, it also provides a medication management and follow up service that includes gentle reminders about repeat prescriptions.
LGSP chairman Alex Bajada describes the service as a “nice fit” for super funds looking to add services that distinguish them from other funds. The service, he says, doesn’t cost his fund anything, but should improve its health profile which, in turn, should help it when it negotiates its group life insurance contracts.
LGSP is currently trialling the service and hopes to roll it out to members in the second quarter of this year.
Commenting on his group’s services, Alchemist managing director Tony Fitzgerald says: “A lot of people have trouble sticking to their doctor’s treatment regime. We have found that the support that we provide can improve their compliance and their overall health.”
Alchemist’s system can also, for example, pick up if members are on multiple medications and will warn them if there are any possible adverse drug reactions if these are combined. It can also advise them if they hit the safety net limit and no longer have to pay a contribution for their PBS prescriptions.
The service is currently operating only in Western Australia, but will go national in the second quarter of this year.
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