Changes to make medicines cheaper have saved Victorians $57 million in 2023.
The Albanese Government is aiming to make medicines more affordable and accessible for Australians and ease the cost-of-living crisis across regional and rural Australia through the Cheaper Medicines policy.
In January 2023, the Federal Government lowered the maximum cost of prescription medications listed on the Pharmaceutical Benefits Scheme to $30 from $42.50, the largest cut to the co-payment in the PBS’s 75-year history.
This means recipients of PBS medicines will pay a maximum of $30 for their prescription, and the government will pay for the rest, no matter the cost.
In September last year, the government introduced 60-day scripts, meaning eligible patients receiving medicines under the PBS scheme could receive 60 days’ worth of medication for the same cost as a script worth 30 days.
Since stage one of the Cheaper Medicines policy began in September 2023, Goulburn Valley residents have saved over $1.34 million.
Labor Senator for Victoria Jana Stewart said it was crucial to help Australians in any way possible during the cost-of-living crisis.
“We went to the election promising Australians cheaper medicines, and we have delivered on that promise,” she said.
Senator Stewart said Victorian families had been struggling financially, and the Cheaper Medicines policy would provide significant support.
“Regional Victoria needs a cost-of-living relief now, that’s why our cheaper medicines reforms are so important,” she said.
“Victorian families shouldn’t have to choose between putting food on the table and accessing the medicines they need — we’ve made medicines cheaper, so they don’t have to make that choice.”