Posted by Michael Wonder on 09 May 2017
Budget 2017: PBS shake-up to cut cost of drugs
9 May 2017 - Price reforms in the Pharmaceutical Benefits Scheme will deliver $1.8 billion in savings over five years, which the Turnbull government will reinvest in drug subsidies and pharmacy initiatives.
Under an agreement with Medicines Australia, the government will mandate bigger price cuts, and for longer — drugs listed on the PBS for more than 10 years will be especially targeted — and embrace cheaper alternatives. This will enable new drugs to be listed on the PBS, including sacubitril with valsartan (product name Entresto), for patients with chronic heart failure, at a cost of $514.6 million.
Health Minister Greg Hunt has struck similar agreements with the Pharmacy Guild — community pharmacies will benefit from funded medication management reviews and other initiatives — and the Generic and Biosimilar Medicines Association.
