‘Hands off': Premier Roger Cooks says PBS not a bargaining chip amid Donald Trump's latest tariff threat
Mr Trump overnight Tuesday signalled pharmaceutical imports to the US would 'probably' be taxed at the end of the month, adding the tariffs will start low to give companies a year to adapt before an expected sharper rise in the rates.
Last week, he flagged medicine exports to the US could face duties of up to 200 per cent.
Since Mr Trump's inauguration, the powerful Pharmaceutical Research and Manufacturers of America lobby group has been pushing the president to punish Australia for its PBS.
The medical giants have previously labelled the scheme as an 'egregious and discriminatory' threat to market competitiveness.
The $17 billion scheme allows Australians to buy life-saving drugs worth thousands of dollars for as little as $31.60, or $7.70 for concession card holders. Costs are kept low because the government negotiates with the drug company.
But Mr Cook warned against using the PBS in any trade negotiations.
'It's not up for negotiation. Hands off. The pharmaceutical benefit scheme is Australia's, and it will remain Australia's,' he told reporters on Wednesday.
'And quite frankly, I can see that being a hard stop, a deal breaker for the Albanese administration.
'Pharmaceutical Benefits Scheme is world-leading distribution and equity-driven creative program for making sure that everyone, regardless of their needs, can get access to quality pharmaceuticals, particularly in targeted sectors.'
Federal Treasurer Jim Chalmers has already ruled out negotiating the scheme away.
'I want to make it really clear once again, as we have on a number of occasions before, our Pharmaceutical Benefits Scheme is not something that we're willing to trade away or do deals on. That won't change,' Mr Chalmers said last week.
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