Australia slashes prescription prices across therapeutic areas

The Australian government is reducing the price of 1,100 medicine brands listed on the Pharmaceutical Benefits Scheme. As a result, the price paid by millions of Australians for prescription medicines will be reduced, from the start of April.

Medications for conditions including high cholesterol, Parkinson’s disease, depression, breast cancer, eczema and psoriasis are on the list of subsidized therapies.

Records show that the government spent over A$10 billion ($7.65 billion) on the scheme in the 12 months to June 2016.