Medicines Australia, the peak body representing the innovative pharmaceutical industry, has agreed to sign a ‘Letter of Intent’ with the Australian Government for a 5-year strategic agreement.

If finalised, the agreement will provide Australian patients and the medicines industry with a degree of stability and certainty in providing ongoing access to innovative medicines delivered through the Pharmaceutical Benefits Scheme (PBS).

Medicines Australia CEO Tim James said “in response to the Government’s budgetary challenges, we have agreed to meet all of the Government’s savings targets.

“In return for providing the majority of $6.6 billion in cuts outlined by the Government, our members have been given a number of undertakings and concessions regarding any future price-related savings throughout the life of the Agreement.

“Our member companies invest billions of dollars to research, invent and manufacture innovative medicines to treat patients. The continuation of this investment relies on a fair and stable price for a limited period. That is our social compact with governments and patients around the world.

For more detaila, go to: https://medicinesaustralia.com.au/media-release/medicines-australia-agrees-to-federal-budget-savings-to-secure-a-5-year-strategic-agreement/