SAN DIEGO, Sept. 16, 2016 /PRNewswire/ -- Biocom, the association representing the California life science industry today announced that members of the Beyond Benefits Trust, the only bona fide life science health insurance trust in California, will see a 1.4 percent decrease in their health insurance rates for the 2017 calendar year. In addition, Biocom also announced that the threshold for life science companies eligible for the trust has been reduced from a headcount of five to four employees.
"We all know that healthcare costs have simply skyrocketed for years, with small group employers enduring an average increase in premium costs of 10.4 percent each year they renew," said Trindl Reeves, principal and chief sales officer for Barney & Barney, a California-based full-service brokerage firm that worked with Biocom to develop the trust. "For entrepreneurial life sciences companies, who must often go without sustaining revenues for years as they develop lifesaving medicines, controlling costs is critical, and it's significant that we've consistently kept our cost increases below the average for insurance renewals – and we can now talk about a decrease!"
The Beyond Benefits Trust, a fully credible multiple employer welfare association (MEWA), was launched on January 1, 2012 to help small to mid-sized companies join together and save on healthcare costs. Today, 202 companies with over 6,800 covered lives in California are taking advantage of the benefits offered by the trust.
"For growing companies like ours, dramatic changes in healthcare costs can be very difficult to plan for," said Jeffrey Brown, CEO of Novvi Inc, an Emeryville-based life science company. "The stability offered by the Beyond Benefits Trust will help us better manage our budgets, and reduced costs for 2017 will allow us to shift financial resources to our R&D efforts, potentially changing our operational timelines and improving our chance for long term success."
"Biocom is always looking for ways that we can help our member organizations grow and thrive, and the Beyond Benefits Trust has made a big impact for our life science member companies," said Joe Panetta, president and chief executive officer of Biocom. "Given the reduced costs for 2017 as well as opening up the program to even smaller companies, we believe that the program will continue to help our members recruit and retain the best talent."
The Beyond Benefits Trust is one of many cost saving programs that Biocom has instituted through its group purchasing program. Among others is a recent contract Biocom signed with Fisher Scientific, which gives Biocom members access to preferred pricing to laboratory products that are critical for success in scientific research.
Biocom is the largest, most experienced leader and advocate for California's life science sector. We work on behalf of more than 800 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to its San Diego headquarters, Biocom operates a core office serving the Los Angeles market, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers. For more information, visit us at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA).