Both sides of the political divide are promising to slash the maximum price Australians pay for a PBS script, if elected to govern at the 21 May election, in a move set to benefit thousands of patients with eye disease.
In what would be an Australian-first reduction in the price of government-subsidised medications, from 1 January 2023 the Liberal government’s election promise would see the maximum price Australians pay for Pharmaceutical Benefits Scheme (PBS) medicines (PBS General Co-payment) drop from $42.50 to $32.50, a 24% saving.
Meanwhile, Labor will reduce the maximum co-payment even further, from $42.50 to a maximum of $30, a reduction of 29%.
The script savings would flow through to patients requiring PBS medications for eye disease, including anti-VEGF injections which are among the most heavily subsidised treatments in Australia, costing the government more than $610 million annually.
Under a Liberal government, the policy would mean those taking one medication a month could save $120 a year, or those taking two medications a month could save $240 a year. It would culminate in an annual $150 million hip-pocket saving for around 19 million Australians without a concession card, reducing script costs to 2008 levels.
Labor said its policy would save Australians more than $190 million in out-of-pocket costs. A person taking one medication a month could save $150 a year, with those taking two medications a month saving up to $300 each year.
Prime Minister Mr Scott Morrison said the government’s economic plan would deliver cost of living relief to millions of Australians who will save hundreds of dollars every year on the cost of essential and life-saving medications.
“This is the single most significant change to the cost of and access to medications since the PBS was introduced more than 70 years ago,” he said.
“There is a clear choice at this election. Australians can vote for a stronger economy under the Coalition, who always delivers affordable medication and cost of living relief, or a weak economy under Labor, who stopped listing medicines on the PBS in 2011 because they could not manage the economy.”
Labor leader Mr Anthony Albanese said his government would strengthen Medicare and the PBS.
“Cost of living pressures are real. Everything is going up under the Morrison Government. These changes to the PBS are necessary because we need to make sure that Australians can afford the medications they need,” he said.
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