Thursday, April 25, 2024

Prescription costs set to fall

For the first time in its 75-year history, the maximum cost of general scripts under Australia’s Pharmaceutical Benefits Scheme (PBS) is set to fall.

Under a Bill tabled by the Australian Government today, from 1 January 2023 millions of Australians will pay almost 30% less for PBS scripts, with the maximum general co-payment dropping from $42.50 to $30.

This means that someone taking one medication a month could save as much as $150 every year, or for two or three medications as much as $300-$450 a year.

“I’m really pleased that we’re introducing this legislation to make many medicines cheaper for Australians,” said Prime Minister, Anthony Albanese.

“My Government is serious about delivering on our election commitments and easing the cost of living pressures left by the former government.”

The maximum cost to general patients for PBS medications has doubled since 2000. Today’s announced change fulfils the Government’s election promise to cut the cost of medicines and ease cost of living pressures for Australians, Mr Albanese said.

National President of the Pharmacy Guild of Australia, Professor Trent Twomey said “patients continue to tell community pharmacies of the increasing pressures of having to choose between food on the table and medicine for their family”.

“Community pharmacies around the country thank and welcome the action taken by the Government to cut the out of pocket cost patients pay for medicines on the PBS,” Professor Twomey said.

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