Prescription medicine copayments will be cut by between 50 cents and $1 under a federal budget plan that could save taxpayers hundreds of millions of dollars.

The medicine price cut which could save some patients $120 a year will apply only if patients use cheaper generic medicines that save the government money. These are cheap copies of original brand names medicines that have come off patent.

News Corp understands Health Minister Sussan Ley is considering the plan as part of negotiations over the sixth pharmacy agreement which sets out what chemists are paid.

News Corp understands the government’s razor gang has asked for savings of $3 billion from the medicine industry over the next five years, not all of these must come from the Pharmaceutical Benefits Scheme.

For more details, go to: http://www.news.com.au/lifestyle/health/generic-medicine-prices-to-drop-by-up-to-1-under-budget-savings-measure-that-helps-consumers/story-fneuz9ev-1227304046381