Australian Government's Affordable Medicines Initiative Leads to $250 Million in Savings
The Albanese Government's initiatives in 2023 have resulted in substantial savings for Australians, with $250 million saved on cheaper medicines. The introduction of 60-day prescriptions, effective from September 2023, has particularly benefited those with stable health conditions, already saving over $7.2 million.
Notably, the government lowered the maximum cost of prescription medications listed on the Pharmaceutical Benefits Scheme (PBS) for the first time in its 75-year history, resulting in savings exceeding $240 million in 2023. Additionally, amendments to the PBS Safety Net Threshold have led to reduced yearly medicine costs, particularly benefiting pensioners and concession cardholders.
Furthermore, starting February 1, 2024, Australians with advanced melanoma will have access to the combination medicine Opdualag, subsidized by the PBS, potentially saving patients around $315,000 per treatment. The government is also supporting local pharmacies, allocating $26 million to eligible pharmacies in the second half of 2023 through the Regional Pharmacy Transition Allowance and the Regional Pharmacy Maintenance Allowance.
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