More than 2000 medicine brands to drop in price

More than 2000 medicine brands which treat common conditions are set to drop in price for residents in Pearce, as part of the Coalition Government continuing to deliver the largest ever reductions in the price of medicines for consumers across the Pharmaceutical Benefits Scheme.

Federal Member for Pearce, Christian Porter, said that patients in Pearce will benefit from these innovative reforms, with some people suffering multiple chronic conditions such as osteoporosis, high blood pressure and eye disease set to save as much as $400 per year on their medicine scripts.

“One-in-three medicine brands on the PBS will be cheaper for some consumers by as much as $20 per script – that’s a great result for patients using those common medicines in Pearce,” Mr Porter said.

For example, a non-concessional patient with diabetes, osteoporosis, high blood pressure and gastric reflux, who is currently taking:

• metformin for type 2 diabetes 500mg tablet twice daily;
• pantoprazole for gastric reflux 40mg tablet daily;
• alendronate 70 mg + colecalciferol 140 microgram tablet for osteoporosis (as per dosing instructions); and
• enalapril with hydrochlorothiazide for high blood pressure 20 mg/6 mg tablet daily;

will save up to $34.19 per month on scripts, which equates to a yearly reduction of $410.28.

The October 1 2016 price drops are the latest innovative reform to come into effect from the Coalition’s landmark PBS Sustainability Package, which passed Parliament last year.

More than 80 per cent – or about 1600 – of the 2000-plus brands of medicines set to drop in price will see a direct saving to some consumers.

The remaining 20 per cent – those priced above the general PBS co-payment of $38.30 – would see a saving to taxpayers instead.

“In addition to saving consumers real money, this innovative Coalition reform will also save taxpayers nearly $900 million over the next four years by ensuring the Government isn’t overpaying for medicines either,” Mr Porter said.

“It’s a win-win for taxpayers and consumers in Pearce and is another example of the Turnbull Government making medicines more affordable for millions of Australians.

“However, as the health needs and costs of Australians increase we still need to continue with our budget repair to protect Medicare and continue subsidising more medicines for current and future generations.

“We must not have a return to Labor days where they blocked new medicines for conditions like asthma, mental health and chronic pain from being listed on the PBS because the ALP could not afford to pay for them.”

These changes come into effect from 1 October 2016. More information can be found at www.health.gov.au.