'Not up for negotiation': Aussies expected to save $200m a year from major cap on PBS-listed scripts despite tariff threats to industry
The bill is set to take effect from January 1, as the Labor government takes the first steps to legislate the bill and Prime Minister Anthony Albanese vows to keep his election pledge on cost of living relief.
The changes mean the cost of medicines on the PBS could be significantly reduced by over 20 per cent.
Minister for Health, Mark Butler said five million Australians will feel the relief in their pockets.
The cost of medicine for pension and concession card holders will remain frozen at $7.70 until the end of 2029.
The bill which was announced by Labor during the May election campaign is expected to cost the budget $690m over four years.
Mr Albanese said it built on a pledge for cost of living relief.
'This is another example of cost of living relief that helps every Australian,' he said.
'The size of your bank balance shouldn't determine the quality of your healthcare. My government will continue to deliver cost of living relief for all Australians.'
Mr Butler added general patients' medicines haven't been this cheap since 2004.
'The Albanese Government has been focused on delivering cheaper medicines for Australians," he said.
'Cheaper medicines are good for the hip pocket and good for your health."
The Assistant Health Minister, Emma McBride said the bill was set to pass despite US President Donald Trump's 200 per cent tariff threat on pharmaceutical imports.
The US is Australia's biggest pharmaceutical export market and if the tariff is implemented it could cost the Australian economy up to $2.8 billion and force pharmas' to hike up their prices.
However, Ms McBride said the PBS is not up for negotiation and "it is not a bargaining chip".
"Labor introduced the Pharmaceutical Benefits Scheme to make sure that essential medicines were available to all Australians, and with this introduction of legislation to enact our election commitment, it will mean a cap on $25, which will save Australians about $200 million a year, 5.1 million Australians estimated to benefit," she said.
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