Latest news with #MelbourneUniversity
AU Financial Review
3 days ago
- Business
- AU Financial Review
Trade stand-off continues as US drug tariffs loom
Australia's pharmaceutical benefits scheme is not up for negotiation, says the federal government in the face of ramped-up US threats to triple the price of foreign medicines. In a continuation of his erratic approach to trade policy, President Donald Trump says taxes on drug imports could be announced as soon as the end of the month, with eventual tariff rates of up to 200 per cent. 'We're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump said. Australia's Pharmaceutical Benefits Scheme, under which the government negotiates medicine prices with manufacturers before subsidising them for patients, is reportedly in the crosshairs of US pharmaceutical companies lobbying the White House. The Albanese government has flatly refused any negotiation on the PBS. 'Obviously, they are being lobbied, as other US presidents have been for many years by the US big pharma industry, which wants not just Australia's scheme but other schemes like it around the world ... they want that freed up,' federal health minister Mark Butler said on Wednesday. 'They want to see their profits increased. That's been the case for decades and decades.' The PBS is crucial to ensure equitable and affordable access to medicines, according to Royal Australian College of GPs president Michael Wright. 'We should be proud of the prime minister and treasurer's steadfast support for maintaining the PBS, regardless of external pressure.' But complaints about such pricing schemes are common across the industry and include Australian medicine manufacturers, says Melbourne University research fellow Joe Carrello. 'They argue the increasing costs it takes to investigate and run trials and bring a new drug to market aren't keeping up with what the return is, given what the government is willing to pay,' Dr Carrello said. Dr Carrello, who helps evaluate medicines proposed for the PBS after their approval by the Therapeutic Goods Administration, said there could be consequences to a relatively small market like Australia negotiating such lean prices. 'The fear is some US companies may decide against launching new drugs in Australia because comparatively, they're not going to get a good price,' he said. In the US, where a relatively free-market approach has been favoured, drug prices are almost three times higher than in 33 comparable income countries, according to RAND research. Australians have an average life expectancy of 83.2 years, compared to 77.4 years in the US, World Bank data shows. 'Without the PBS, we'd see people losing access to affordable medications and an increased spend per person on average but it wouldn't be evenly distributed,' Dr Carrello said.
West Australian
3 days ago
- Business
- West Australian
Trade stand-off continues as US drug tariffs loom
Australia's pharmaceutical benefits scheme is not up for negotiation, says the federal government in the face of ramped-up US threats to triple the price of foreign medicines. In a continuation of his erratic approach to trade policy, President Donald Trump says taxes on drug imports could be announced as soon as the end of the month, with eventual tariff rates of up to 200 per cent. "We're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Mr Trump said. Australia's Pharmaceutical Benefits Scheme, under which the government negotiates medicine prices with manufacturers before subsidising them for patients, is reportedly in the crosshairs of US pharmaceutical companies lobbying the White House. The Albanese government has flatly refused any negotiation on the PBS. "Obviously, they are being lobbied, as other US Presidents have been for many years by the US big pharma industry, which wants not just Australia's scheme but other schemes like it around the world ... they want that freed up," federal health minister Mark Butler said on Wednesday. "They want to see their profits increased. That's been the case for decades and decades." The PBS is crucial to ensure equitable and affordable access to medicines, according to Royal Australian College of GPs president Michael Wright. "We should be proud of the prime minister and treasurer's steadfast support for maintaining the PBS, regardless of external pressure." But complaints about such pricing schemes are common across the industry and include Australian medicine manufacturers, says Melbourne University research fellow Joe Carrello. "They argue the increasing costs it takes to investigate and run trials and bring a new drug to market aren't keeping up with what the return is, given what the government is willing to pay," Dr Carrello told AAP. Dr Carrello, who helps evaluate medicines proposed for the PBS after their approval by the Therapeutic Goods Administration, said there could be consequences to a relatively small market like Australia negotiating such lean prices. "The fear is some US companies may decide against launching new drugs in Australia because comparatively, they're not going to get a good price," he said. In the US, where a relatively free-market approach has been favoured, drug prices are almost three times higher than in 33 comparable income countries, according to RAND research. Australians have an average life expectancy of 83.2 years, compared to 77.4 years in the US, World Bank data shows. "Without the PBS, we'd see people losing access to affordable medications and an increased spend per person on average but it wouldn't be evenly distributed," Dr Carrello said. In a submission to a Productivity Commission inquiry, pharmaceutical giant Pfizer criticised the PBS's assessment process, claiming it under-accounted for drug and vaccine benefits over multiple budget cycles and missed broader social benefits. "Over the last decade, while the total PBS spend has increased, the proportion of the PBS that funds innovative medicines has seen minimal growth," Pfizer wrote in its submission. "This means, as a proportion of GDP, the government's expenditure on innovative medicines is going backwards." Federal treasurer Jim Chalmers has joined the health minister in ruling out any changes to the PBS in US trade negotiations. "This Albanese Labor government is about strengthening the PBS in the interests of our people, not weakening it in the interests of American multinationals," he recently said. As for Australian drug producers, the federal government was still weighing the impacts of the proposed tariffs on Australian exports, which were worth $2.2 billion in 2024. "(President Trump) indicated there was a long lead time, a long period where he'd be considering this possible step," Dr Chalmers said. That lead time was cut by a matter of months this week, in a sign the United States' push may be turning to a shove.
Perth Now
3 days ago
- Business
- Perth Now
Trade stand-off continues as US drug tariffs loom
Australia's pharmaceutical benefits scheme is not up for negotiation, says the federal government in the face of ramped-up US threats to triple the price of foreign medicines. In a continuation of his erratic approach to trade policy, President Donald Trump says taxes on drug imports could be announced as soon as the end of the month, with eventual tariff rates of up to 200 per cent. "We're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Mr Trump said. Australia's Pharmaceutical Benefits Scheme, under which the government negotiates medicine prices with manufacturers before subsidising them for patients, is reportedly in the crosshairs of US pharmaceutical companies lobbying the White House. The Albanese government has flatly refused any negotiation on the PBS. "Obviously, they are being lobbied, as other US Presidents have been for many years by the US big pharma industry, which wants not just Australia's scheme but other schemes like it around the world ... they want that freed up," federal health minister Mark Butler said on Wednesday. "They want to see their profits increased. That's been the case for decades and decades." The PBS is crucial to ensure equitable and affordable access to medicines, according to Royal Australian College of GPs president Michael Wright. "We should be proud of the prime minister and treasurer's steadfast support for maintaining the PBS, regardless of external pressure." But complaints about such pricing schemes are common across the industry and include Australian medicine manufacturers, says Melbourne University research fellow Joe Carrello. "They argue the increasing costs it takes to investigate and run trials and bring a new drug to market aren't keeping up with what the return is, given what the government is willing to pay," Dr Carrello told AAP. Dr Carrello, who helps evaluate medicines proposed for the PBS after their approval by the Therapeutic Goods Administration, said there could be consequences to a relatively small market like Australia negotiating such lean prices. "The fear is some US companies may decide against launching new drugs in Australia because comparatively, they're not going to get a good price," he said. In the US, where a relatively free-market approach has been favoured, drug prices are almost three times higher than in 33 comparable income countries, according to RAND research. Australians have an average life expectancy of 83.2 years, compared to 77.4 years in the US, World Bank data shows. "Without the PBS, we'd see people losing access to affordable medications and an increased spend per person on average but it wouldn't be evenly distributed," Dr Carrello said. In a submission to a Productivity Commission inquiry, pharmaceutical giant Pfizer criticised the PBS's assessment process, claiming it under-accounted for drug and vaccine benefits over multiple budget cycles and missed broader social benefits. "Over the last decade, while the total PBS spend has increased, the proportion of the PBS that funds innovative medicines has seen minimal growth," Pfizer wrote in its submission. "This means, as a proportion of GDP, the government's expenditure on innovative medicines is going backwards." Federal treasurer Jim Chalmers has joined the health minister in ruling out any changes to the PBS in US trade negotiations. "This Albanese Labor government is about strengthening the PBS in the interests of our people, not weakening it in the interests of American multinationals," he recently said. As for Australian drug producers, the federal government was still weighing the impacts of the proposed tariffs on Australian exports, which were worth $2.2 billion in 2024. "(President Trump) indicated there was a long lead time, a long period where he'd be considering this possible step," Dr Chalmers said. That lead time was cut by a matter of months this week, in a sign the United States' push may be turning to a shove.
The Age
3 days ago
- Business
- The Age
How to teach your kids about money, without making it boring
Real Money, a free weekly newsletter giving expert tips on how to save, invest and make the most of your money, is sent every Sunday. You're reading an excerpt − sign up to get the whole newsletter in your inbox. Thinking back to when I was in school, I struggle to remember any classes where money or financial literacy was the topic. Sure, we'd cover things such as compound interest in maths, and I have a vague recollection of CBA's ill-fated Dollarmites popping in at some point, but that's about it. I have a far better recollection of the teachings of our lord and saviour Healthy Harold, but he was a giraffe puppet, so perhaps that's an unfair comparison. Unfortunately, by all accounts, things haven't gotten much better in the [REDACTED] years since I've left school. Melbourne University's HILDA survey in 2020 showed a sharp drop in financial literacy for those aged 24 and under, and numerous surveys since then have reinforced that young people are falling behind when it comes to money smarts. What's the problem? A lot of the blame for this has been lumped on the government and schools, which is fair. The national curriculum does include some aspects of financial literacy, but it's largely up to schools on how to implement it, and it's not a stand-alone subject. Loading The government has also not made financial literacy a priority for years, with a 2022 decision to shift responsibility for the area from ASIC to Treasury effectively shuttering any progress. This has meant a lot of responsibility for this stuff has fallen, for better or worse, on parents. But when it comes to such an open-ended topic as financial literacy, it can be difficult to work out where to start, especially in a way that will keep younger children engaged. What you can do about it
SBS Australia
6 days ago
- SBS Australia
Salaries below minimum standards, non-English speaking background - worse in the workplace
LISTEN TO SBS Indonesian 16/07/2025 05:42 Indonesian It's one of the key findings of a Melbourne University report showing 15 to 30 year olds are experiencing widespread breaches of labour laws. Listen to SBS Indonesian every Monday, Wednesday, Friday, and Sunday at 3 pm. Follow us on Facebook and Instagram, and listen to our podcasts .
