Quit Smoking with your Manitoba Pharmacist
Up to 4500 people will receive support in quitting smoking. The Government of Manitoba, Pharmacists Manitoba and Shoppers Drug Mart have partnered to create Quit Smoking with your Manitoba Pharmacist, a smoking cessation program aimed at helping Manitobans who are ready to quit smoking.
The program is being funded by a social impact bond; the first health related social impact bond in Manitoba.
How the bond works.
Pharmacists Manitoba signed a performance-based contract with the Government of Manitoba for delivering the Quit Smoking with your Manitoba Pharmacist program. The amount the Government of Manitoba will pay for the program is linked to how well the program delivers on its pre-determined targets. Better program outcomes triggering higher payouts for investors. Importantly, the Government of Manitoba will only pay out once it has received confirmation from an independent evaluator of the program outcomes.
With that agreement in place, Pharmacists Manitoba was then able to secure private sector investment from Shoppers Drug Mart to fund the $2.12M program upfront. If the program performs well, Pharmacist Manitoba will use the funds it receives from the Government of Manitoba to repay the investors with a reasonable rate of return.
Why use a social impact bond?
The focus of this program is to reduce the number of smokers in Manitoba. Preventative programs are often the hardest to secure funding because governments are often required to prioritize a demographics’ corresponding acute short term needs.
Leveraging the social impact bond model has allowed Pharmacists Manitoba to attract funding from both government and private investors in order to support this prevention program. This model also provides a stable source of funding for the life of the project, enabling Pharmacists Manitoba to concentrate on delivering the best possible outcomes for its participants. The collaboration established through a social impact bond also enables Pharmacists Manitoba to adapt the program in real time to meet its targets.
Social impact bonds are an innovative tool for modern governments, as outcomes are quantifiably proven and the savings are realized before the government pays.
