Anthony Albanese promises to cap prescription medications at $25

Anthony Albanese will amp up Labor’s election bid with a huge cost-of-living promise that will bring down the cost of four out of five medications.

Prescription medicines will be capped at $25 per script under a major cost-of-living election promise set to be unveiled by Anthony Albanese on Thursday.

The announcement will apply to medications listed on the Pharmaceutical Benefits Scheme and bring down the maximum cost of scripts, currently $31.60, by 20 per cent.

It’s estimated four our of five scripts will benefit from the new cap, with patients estimated to save $786m over four years.

Common medications included will include scripts for Estrogel used by women undergoing menopause and perimenopause, diabetes medication like Jardiance, and Ritalin LA, which is used to treat ADHD.

Medications for concession cardholders and pensioners will remain at the current subsidised rate of $7.70 until 2030.

PBS-listed medications will be capped at $25, reduced from $31.60 if Labor retain government following the election. Picture: iStock

The Prime Minister will detail the $689m announcement in a major speech on Thursday.

“Cheaper medicines is another way we are helping with the cost of living, while putting downward pressure on inflation – our number one focus,” he said.

“With cheaper medicines, more free GP visits and a stronger Medicare, we say to Australians: we’ve got your back.”

Health Minister Mark Butler said the policy would bring PBS-listed medicines to 2004 prices, when prices were capped at $25.

He also took a shot at Peter Dutton for increasing the cost of scripts during his stint as health minister from 2013-14.

“Peter Dutton tried to jack up the cost of medicines by up to $5 a script and put free medicines for sick pensioners even further out of reach,” he said.

“In opposition, Peter Dutton and the Liberals voted to block cheaper medicines six times

“The contrast this election is clear: cheaper medicines with a re-elected Albanese Government, or the frankly terrifying legacy of Peter Dutton, who wants medicines to cost more, not less.”

The promise of cheaper medicines follows a string of healthcare announcements anchored by Labor’s centrepiece $8.5bn bid to boost bulk-billing rates 18 million appointments a year.

The policy was immediately matched by the Coalition after it was announced in February.