From the Chief Executive
The only place ‘cake’ has in the Grattan Institute’s recommendation to slash medicine prices is the policy’s similarity to the ignorant princess exhorting the peasants to ‘eat cake’ in the midst of a famine.
The Pharmaceutical Benefits Scheme has served this country very well since its creation in 1948. Over the decades, it has played a central role in
But the Institute’s insistence that we can now have our (medicine) cake and eat it too – that we can arbitrarily slash prices and maintain universal access to the latest life-saving medicines – is fanciful.
News and Updates
The Grattan Institute’s PBS savings proposal has been proven wrong after their admission this week that the savings figure was artificially inflated by (at least) $165 million, or almost 40%.
Appearing before the Senate Community Affairs Committee this week, the Institute acknowledged that the proposed annual savings from benchmarking 20 commonly-used drugs against UK prices was not $580 million, as originally claimed, but actually closer to $415 million.
Australia’s medicines exports fell by 13.5 per cent to $3.363 billion in 2013-14, the lowest level since the 2005-06 financial year, highlighting the need for a new emphasis on growing the Australian industry.
“While the Australian medicines industry remains one of Australia’s leading manufacturing exporters, a fall of 13.5 per cent in exports in one year is a real worry,” said Medicines Australia Chief Executive Dr Brendan Shaw.
“For years the medicines industry has been a beacon of hope in Australia’s innovative manufacturing sector, averaging $4 billion in exports each year for the past several years.
Data newly released by the Organisation for Economic Cooperation and Development (OECD) reveals that Australia is not matching other industrialised countries in investing in medicines to treat disease.
The new OECD Health Data 2014 report shows that Australia’s public spending on pharmaceuticals is at 0.7 per cent of GDP, compared with the OECD average of 0.8 per cent, on the most recently available international data.
Medicines Australia Chief Executive, Dr Brendan Shaw, said these figures are very worrying.
Medicines Australia today applied for authorisation of the 18th Edition of its Code of Conduct to the Australian Competition and Consumer Commission.
“Medicines Australia’s member companies are taking the lead in setting new standards of transparency in Australia’s health sector with this new Code,” Medicines Australia Chief Executive, Dr Brendan Shaw, said.
“Interactions between healthcare professionals and pharmaceutical companies are essential for ensuring that patients have the best care. They ensure healthcare professionals have up to date and comprehensive information about medical developments.