Government announces price cut for major medications
Consumers and taxpayers will save more than $344 million on medications from 1 October.
In what will come as welcome news to many Australian families, the government has announced that it will be cutting the everyday costs on a total of 24 medicines on 1 October 2018. The government says these changes should help everyday Aussies save money.
"The price drops will save consumers and taxpayers more than $344 million, delivering cheaper medicines for patients and more support for listing more new medicines on the PBS," Minister for Health Greg Hunt said in a statement.
If you're one of the roughly 200,000 patients per year that take pregabalin to treat your neuropathic pain, you can expect to save $6.12 on your script with a price drop from $39.94 to $33.38 per script. If you use valsartan with hydrochlorothiazide to treat your hypertension, you'll save $2.18 per script, with prices for the drug dropping from $26.14 to $23.96. And if you take dorzolamide for your glaucoma, you'll now pay $19.18 for your eye drops versus $22.20, a savings of $3.02 per script.
The drug with the largest price drop was bosentan, which is used in the treatment of pulmonary artery hypertension (PAH) and sees its cost fall from $2,342.72 to $1,583.85 for 60 125 mg (as monohydrate) tablets. That's a savings of $758.87.
While the amount you'll save will depend on the strength and quantity of the medication, any medicine containing the following can expect to see savings:
- Dorzolamide with timolol
- Valsartan with hydrochlorothiazide
- Tranexamic acid
- Ursodeoxycholic acid
Unfortunately, only 4 of the 26 medications are listed in the top 50 PBS drugs for government cost or subsidised prescriptions for 2016-2017. However, these drugs did account for 7,310,733 PBS subsidised prescriptions in 2016-2017:
|Medicine||PBS subsidised prescriptions|
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