Price disclosure publication
December 19, 2011
DESCRIBED as the largest single price cut in the history of the
Pharmaceutical Benefits Scheme,
the determinations for Price
Disclosure price reductions have
been published by the Department
of Health this month.
The price disclosure program
progressively reduces the price of
PBS medicines, and the newly
published price reductions will
apply to 75 products out of a total
pool of 238 products subject to the
price disclosure policy.
The size of the reductions range
from between 82.7% to 10.5% with
the average unweighted reduction
being around 28.7%.
Responding to the price
reductions, which will take effect
from 01 April next year, the Generic
Medicines Industry Association
(GMiA), said “The impact of this
reform will be extensive and will
deliver substantial savings to
government”.
“For the sake of patients and to
secure a consistent chain of supply,
we need to get these reforms
bedded down first before
embarking on any more policy
change.
“Every time a consumer chooses
a generic medicine instead of the
original brand, there are substantial
benefits to national savings.
“Supporting the uptake of generic
medicines in Australia provides a
three way win for the patient, the
taxpayer and the economy,” GMiA
added.
For more details on medicines
affected by the reductions, visit the
Federal Register of Legislative
Instruments website.
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