Allshores has made Phoenix Pharmacies its sole provider for Ozempic, Adderall, Eliquis and more than 40 other drugs
Allshores, the amalgamation of health insurers Argus and BF&M, is restricting the coverage and dispensing of certain high-cost drugs to Phoenix Pharmacies exclusively.
As of April 1st, new prescriptions of drugs such as Ozempic, Adderall, Eliquis for Allshores insurees may only be honoured at the eight Phoenix Pharmacy locations.
That means more than two-thirds of Bermuda’s pharmacies, including at the hospital and independent locations such as Caesar’s and Robertson’s, will be unable to fulfill those prescriptions with Allshores’ insurance coverage.
Allshores sent a letter to pharmacies last week alerting them to the “critical change”, with a website link to a current list of 46 prescriptions that require fulfillment through Phoenix. (VIDEO of website below)
The prescriptions include diabetes and weight-loss drugs Ozempic, Mounjaro and Waygovy; Eliquis, a blood-thinner used to reduce the risk of stroke; ADHD treatment drug Adderall; Cellcept and Tacrolimus, prescribed to reduce the risk of organ rejection following a transplant; and specialized cancer drugs such as Lenalidomide.
In a statement today, Allshores stated that the change is being made because “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.” (FULL statement below)
Allshores told pharmacies that by consolidating distribution through one pharmacy group, they can secure better pricing.
Today’s statement adds, “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.”
Allshores states that Phoenix was selected as their designated provider following an “extensive RFP process”, and cited that it is “Bermuda’s largest pharmacy group, with eight convenient locations across the island and island-wide delivery.”
In its response to the move by Allshores, People’s Pharmacy told us in a statement today, “cost containment is a shared goal. We believe alternatives should be explored that achieve similar savings outcomes without forcing patients away from pharmacies that hold their complete medical history, which could lead to missed potential drug interactions.”
“Limiting medication access to a single pharmacy network raises concerns about reduced patient choice, the disruption of trusted care relationships, and the unintended impacts on the sustainability and diversity of Bermuda’s pharmacy sector.” (FULL statement below)
Statement by Allshores Limited:
Allshores Limited (“Allshores”) (BSX: ALSH) today 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.
Response from People’s Pharmacy to Allshores’ policy change:
People’s Pharmacy understands the need to address rising healthcare and insurance costs in Bermuda, and we recognize the important role insurers play in managing affordability for patients. At the same time, we believe it is essential to preserve independence and balance within Bermuda’s healthcare system. Patients benefit most when doctors, pharmacists, and insurers collaborate; ensuring care decisions remain centered on improving clinical outcomes while preserving patient autonomy and choice.
Cost containment is a shared goal. We believe alternatives should be explored that achieve similar savings outcomes without forcing patients away from pharmacies that hold their complete medical history, which could lead to missed potential drug interactions. Limiting medication access to a single pharmacy network raises concerns about reduced patient choice, the disruption of trusted care relationships, and the unintended impacts on the sustainability and diversity of Bermuda’s pharmacy sector.
It also raises an important broader question for our healthcare system: if access to one category of treatment can be consolidated in this way, what safeguards exist to ensure this approach does not expand over time to determine where patients must obtain other healthcare services? Maintaining balance today helps protect patient choice and system resilience tomorrow.
International experience also highlights the importance of carefully balancing cost management with patient choice. In Ontario, Canada, a similar specialty drug arrangement introduced in 2024 would have directed certain patients to obtain medications primarily through a single pharmacy network affiliated with Shoppers Drug Mart. Following concerns raised by patients, healthcare professionals, and government officials regarding competition, access, and continuity of care, the insurer reversed the policy and restored patient access to any pharmacy while continuing to pursue cost-management objectives.
Our priority remains the wellbeing of patients and maintaining a healthcare environment that supports access, continuity of care, and collaboration across the entire system.
