Pharmacists have been warned that the taxpayer subsidies that have turned many of them into millionaires will have to be shaved in a new government agreement.

The message, from Health Minister Sussan Ley, comes as key doctors groups call for negotiations on a $15.4 billion pharmacy agreement to stop until an inquiry determines if it benefits taxpayers and cuts adverse medicine events.

And the head of Medicines Australia, the peak group for Australia’s pharmaceutical industry Dr Martin Cross says the pharmacy agreement should have to meet the same cost effectiveness test medicines are subject to.

The calls come after News Corp Australia revealed on the weekend restrictive government location rules and a policy that says only a pharmacists can own a pharmacy had turned them into million dollar monopoly businesses.

The $15.4 billion pharmacy agreement which sets the price taxpayers pay for medicines is also pushing up the price of drugs for consumers.

For more details, go to: http://www.news.com.au/lifestyle/health/medicines-australia-wants-new-154-billion-pharmacy-agreement-to-be-value-for-money/story-fneuz9ev-1227268462580