6 May, 2022

Labor promises to cut prescription costs

People in Ipswich, the Somerset Region and Karana Downs region are set to save $12.50 on medical scripts under an Albanese Labor Government, with a commitment to slash the cost of common medications.

Labor is promising to reduce the cost of prescription medicine if elected
Labor is promising to reduce the cost of prescription medicine if elected

If elected, Labor has committed to reduce the maximum co-payment under the Pharmaceutical Benefits Scheme (PBS) from $42.50 to a maximum of $30, a reduction of 29 per cent.

Under Labor’s proposal a person taking one medication a month could save $150 a year, with those taking two medications a month saving up to $300 each year.

The changes to the PBS will take effect from the 1 January 2023 and will save Australians more than $190 million in out-of-pocket costs.

The existing safety net provisions will continue and all scripts currently counting towards a patient’s safety net will continue to do so.

An Albanese Labor Government will ensure Australians have access to affordable medicines by listing every drug recommended by the independent experts on the PBS. 

The PBS is designed to keep medications affordable for Australians. The PBS and Medicare are the foundation stones of our health care system.

Federal Member for Blair Shayne Neumann said an Albanese Labor Government will strengthen Medicare and the PBS.

“Cost of living pressures are real and we know everything is going up under the Morrison Government.

“These changes to the PBS are necessary because we need to make sure that people can afford the medications they need.

“We know out-of-pocket health care costs are too high in Australia and among the highest in the OECD countries.

“Cutting the cost of medications will help people in my electorate of Blair who rely on these.

“Labor’s changes to the PBS mean that a trip to the chemist won’t be an expensive one,” Mr Neumann said.  


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