From April 1 2018, the Turnbull Government will reduce the cost of more than 300 medicine brands by as much as 40 per cent, benefiting millions of Australian patients.
Australians with conditions including high blood pressure, depression, digestive disorders and certain types of cancer will now pay less for their medicines, every time they visit the pharmacy.
Millions of scripts will now be up to five dollars cheaper, with more than $60 million worth of savings passed on to patients over the next four years. The lower prices are a result of the Government’s price disclosure policy which requires price transparency from pharmaceutical companies resulting in lower costs to taxpayers and patients.
More than 620,000 patients taking esomeprazole for digestive disorders will benefit, saving as much as $50 each year.
Nearly 80,000 patients taking olmesartan for high blood pressure can save as much as $54 each year.
Patients with multiple conditions will receive higher savings. We understand every single dollar matters and that is precisely why we are reducing the cost of hundreds of important medicines.
These cheaper medicines also deliver a further $250 million saving to the taxpayer, which will be completely reinvested into new medicines on the Pharmaceutical Benefits Scheme (PBS). These price reductions benefit patients when the total cost of the script drops below the maximum PBS payment of $39.50 with concessional patients – including pensioners– paying just $6.40. The Turnbull Government is also committed to listing more lifesaving and life improving medicines on the PBS.
Today new and expanded medicine listings to treat diabetes, cancer, arthritis, asthma and eye disease will also be available for a maximum of $39.50 or just $6.40 for concessional patients.
Since coming into Government, the Coalition has helped improve the health of Australians by subsidising more than $8.2 billion worth of new medicines. Our commitment to the PBS is rock solid. Together with Medicare, it is a foundation of our world-class health care system. Price reductions and new and expanded medicine listings come into effect on 1 April 2018. For more information visit www.pbs.gov.au.