Australian patients and their families will save money when a mandated price drop kicks in on October 1 on over 226 medicine brands listed on the Pharmaceutical Benefits Scheme (PBS).
The price drops will save consumers and taxpayers more than $344 million, delivering cheaper medicines for patients and more support for listing more new medicines on the PBS.
The reductions in the price of these medicines is a result of a key reforms put in place by the Liberal National Government.
By law, pharmaceutical companies must reveal to the Government the prices at which they sell multi-branded PBS medicines to wholesalers and pharmacies.
If the Government is paying a significantly higher price, this is reduced to bring the PBS price closer to the general market price.
Prices will be reduced on a total of 24 medicines, sold as a total of 226 brands.
Common medicines which will be cheaper for general (non-concessional) patients, include:
- pregabalin: around 200,000 patients per year with neuropathic pain will now pay $33.38 per script, a saving of up to $6.12 per script;
- valsartan with hydrochlorothiazide: about 4,500 hypertension patients per year will now pay $23.96 per script, a saving of up to $2.18 per script; and
- dorzolamide: about 1300 glaucoma patients each year will now pay $19.18 for these eye drops, a saving of $3.02 per script.
Since coming into Government, the Liberal National Government has helped improve the health of Australians by subsidising almost $10 billion worth of new medicines.
We are currently making on average one new or amended PBS listing per day.
Unlike Labor, we are subsidising all drugs recommended by the independent medical experts.
In the Budget we announced our investment of $2.4 billion on new medicines to build on our commitment to guarantee those essential services that all Australians rely on.
Our commitment to the PBS is rock solid. Together with Medicare, it is a foundation of our world-class health care system.