Drug Price Cuts Expected

More families are expected to benefit from drug price cuts implemented in the modified Pharmaceutical Benefits Scheme.

More than 1,000 brands of prescription medicines will implement price cuts by as much as $14. These medicines include painkillers, anti-cardiovascular, antibiotics, and anti-depressants.

PBS is government program that aims to provide reliable affordable healthcare to Australians. Wide access to subsidized prescription medicines is one of the major components of the program.

The Federal Government has recently announced that major drug price cuts will be implemented. The announcement is hailed by many as this would provide huge savings and can literally save millions of lives.

The savings also translate to a $1.9 billion windfall to taxpayers in the next five years.

Health Minister Tanya Plibersek hailed the good news, saying this will bring more money to citizens’ pockets. Plibersek added that the move ensures that more patients will have an even greater access to healthcare.

The drug price cuts also make sense as more and more people are switching to generic medicines. Prices of medicines are continuously dropping to compete with their generic counterparts. Generic medicines and branded medicines have the same active ingredients.

Greg Turnbull, spokesman for the Pharmacy Guild of Australia, also welcomed the price cuts. He, however, cautioned that concession cardholders and pensioners will still have to pay $5.80 per script, the standard fee.

Some of the brands affected by the price cut include painkiller Panadeine Forte. Consumers can expect savings as much as $4.32 for a 20-pack. Augmentin Duo Forte, meanwhile, will drop its price by as much as $3.33.

Tagged Greg Turnbull, medicine, PBS, Pharmacy Guild of Australia