Australians have saved almost $100 million in just five months, off nearly 9 million prescriptions, thanks to the Albanese Government’s cheaper medicines policy.
On 1 January, for the first time in the 75-year history of the Pharmaceutical Benefits Scheme (PBS), the maximum co-payment was reduced to $30, down from $42.50.
This is just one of a number of measures the Government has implemented to bring down the cost of medicines including:
- 60-day dispensing:
- From 1 September, anyone with a Medicare card will be able save up to $180 a year if their medicine is eligible for longer dispensing. Concession card holders will save up to $43.80 a year per medicine. This will halve the cost of more than 300 medicines for millions of Australians, including pensioners, who are living with a chronic condition.
- This has been welcomed by patient groups and doctors’ groups, including the Consumers Health Forum, the Heart Foundation, the Lung Foundation, Breast Cancer Network, Rural Doctors Association, the AMA, RACGP and many others.
- making the PBS safety net threshold 25% cheaper for millions of pensioners and concession card holders. On average across a year, they will pay just over $5 a week for all of their medicines, no matter how many they take
- in September, we cut the price of more than 2,000 brands of medicine, delivering $130 million back into the pockets of hardworking Australians
- in November, the Minister for Social Services delivered on the election announcement to give more self-funded retirees access to a Commonwealth Seniors Health Card providing access to cheaper PBS medicines.
State | Number of cheaper scripts | Savings |
ACT | 223,353 | $2,493,232 |
NSW | 2,751,717 | $30,625,732 |
NT | 52,800 | $607,451 |
Qld | 1,686,493 | $18,948,648 |
SA | 569,504 | $6,335,691 |
Tas | 185,366 | $2,083,297 |
Vic | 2,277,661 | $25,563,796 |
WA | 1,009,342 | $11,092,276 |
Total | 8,756,236 | $97,750,123 |
Quotes attributable to Minister Butler:
“Since our cheaper medicines policy came into effect on January 1, Australians have saved almost $100 million in just five months on almost 9 million cheaper scripts.
“Close to a million Australians go without vital medicines each year because of their cost.
“Cheaper medicines are not just good for patients hip pocket, but it’s also good for their health.
“The Government is focused on targeted cost of living relief and it is making a real difference in communities across Australia right now.”
