Generic medicines policies are driving significant savings in Australia, claims GMiA

Australian taxpayers and patients alike benefit from having increased access to the more affordable generic medicines and more should be done to encourage the uptake of them. Moving patients from the expensive branded medicines to the more affordable generic medicines is saving the economy tens of millions of dollars every year, according to Kate Lynch, chief executive of the country’s Generic Medicines Industry Association (GMiA).

The generic medicines sector plays a crucial role in delivering affordable medicines to the Australian public. The generic medicines sector supplies 35.4% of the volume of the Pharmaceutical Benefits Scheme (PBS) for 12.4% of the value, representing excellent value for money.

“Australian suppliers of generic medicines already sell their medicines at international world best prices due to a very competitive generic medicines industry in Australia,” says Ms Lynch, noting that “the government’s price disclosure policy ensures that these competitive prices are passed onto government over time.”