PBS is financially sustainable, says Medicines Australia as price cuts announced

The Australian Government’s Mid Year Economic and Fiscal Outlook proves that the Pharmaceutical Benefits Scheme (PBS) is financially sustainable, claims trade group Medicines Australia.

The MYEFO report aims to assess the Government's fiscal performance against the fiscal strategy set out in the current budget papers. It updates key information contained in the most recent budget economic and fiscal outlook report and contains a detailed statement of tax expenditures, presenting disaggregated information on tax expenditures.

The MYEFO released today shows that the PBS is a major parameter saving in the budget, with spending in 2013-14 to be A$526 million lower than budgeted just seven months ago, equivalent to an additional A$2.7 billion in savings over the next four years.