Australia's drug prices to drop by up to 50%
More than 2,000 medicine brands treating common conditions will drop in price for millions of Australians from October 1, according to the Australian government’s Department of Health.
The medicine prices will drop by as much as 50%, meaning that one in three medicine brands on the Pharmaceutical Benefits Scheme (PBS), the Australian government’s programme that provides subsidised prescription drugs, will be cheaper for some consumers by as much as A$20 per prescription per medicine.
Sussan Ley, minister for health and aged care, said in statement on September 4 that the savings will be even higher for many Australians who are taking multiple medications daily.
She added: “Millions of Australians will benefit from these innovative reforms, with some people suffering multiple chronic conditions such as osteoporosis, high blood pressure, diabetes and gastric reflux set to save as much as A$400 per year on their medicine scripts.
“This announcement will also help ease cost pressures on a number of long-standing medicines on the PBS treating life-threatening diseases such as breast, prostate and ovarian cancer.”
Ley said that the October price drops are the latest innovative reforms to come into effect from the coalition’s landmark PBS Sustainability Package, which includes measures to support the use and awareness of biosimilar medicines. The package was passed by parliament last year.
