Cost of prescription medicines to drop from January under Coalition Government

The Coalition is promising the single most significant change to the cost of medications since the PBS was introduced more than 70 years ago. See how much you will save.

The cost of buying prescription medicine will be slashed in what would be the biggest change to the affordability of medicine in 70 years, under a Coalition Government commitment.

As the election campaign heats up over cost of living, the price of PBS listed medicines will be dropped $10 to $32.50 a script in a $155 million a year package.

It would be a $120 a year saving to any one-on-one script per month, with the savings to come in from January 1 next year.

The Pharmaceutical Benefits Scheme (PBS) covers a huge range of common medications for blood pressure, high cholesterol, pain relief, depression, diabetes and more, with this being the first across the board price reduction in its 70 year history.

Savings on prescription medicines would come into effect in January next year. Picture: AFP

There are more than 3.7 million Queenslanders who are non-concession card holders who could benefit and save a combined $32 million each year.

NSW – There are more than 6.1 million NSW residents who are non-concession card holders who could benefit and save a combined $51 million each year.

VIC – There are more than 5 million Victorians who are non-concession card holders who could benefit and save a combined $37 million each year.

SA – There are more than 1.2 million South Australians who are non-concession card holders who could benefit and save a combined $10 million each year.

TAS – There are more than 355,000 Tasmanians who are non-concession card holders who could benefit and save a combined $3 million each year.

NT – There are more than 185,000 NT residents who are non-concession card holders who could benefit and save a combined $1.5 million each year.

Prime Minister Scott Morrison attributes the cut in medicines costs to the Coalition’s “strong economic management”. Picture: Jason Edwards

Prime Minister Scott Morrison said millions of Australians would soon save $10 per script for common 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,” Mr Morrison said.

“Because of our strong economic management, the Coalition is winding the clock back on the cost of medications, reducing the cost per script to 2008 prices. This will put more than $150 million back into the pockets of Australians every year.”

The National President of the Pharmacy Guild of Australia, Professor Trent Twomey, welcomes the cut in costs. Picture: Allen Mechen

Pharmacy Guild of Australia national president Trent Twomey said it was a welcome reduction.

“This reduction will help Australians struggling with the cost of living to make ends meet without delaying, deferring or skipping their prescription medicines,” he said.

Two government ministers, Jane Hume and Michael Sukkar, accidentally let slip about the plan in early April, mentioning it during speeches on budget bills passing through the Parliament.

They later retracted that section of their speech, saying it was not correct and came from an out-of-date speech.

Jane Hume. Picture: NCA NewsWire / Luis Enrique Ascui

Michael Sukkar MP. Picture: NCA NewsWire / Luis Ascui

Health Minister Greg Hunt said that in the March 29 budget the Coalition had already invested $2.4 billion for new and amended PBS listings including treatments for breast cancer, cystic fibrosis, severe eczema, asthma, spinal muscular atrophy, HIV infection and heart failure.

“By listing these medications on the PBS we are ensuring Australians can have access to affordable, life saving medications that would otherwise cost thousands, or hundreds of thousands of dollars, without subsidy,” he said.

Mr Hunt said a re-elected Morrison Government would continue its policy to list all medicines on the PBS that are recommended by the Pharmaceutical Benefits Advisory Committee.

Mr Hunt is retiring at this election, but will be replaced in the role by Senator Anne Ruston if the Coalition wins the poll on May 21.

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Originally published as Cost of prescription medicines to drop from January under Coalition Government