From the Chief Executive
A thought occurred to me the other day. The Department of Health has, again, updated its revised forecasts for spending on Australia’s Pharmaceutical Benefits Scheme. These figures, presented to the Australian Parliament, show that the price disclosure reforms introduced over the years are now mean the Government will spend over $9 billion less on the PBS over the next four years than it was expecting to 10 months ago.
the appropriate role for the medicines industry in determining the prices of medicines on the Australian Government’s Pharmaceutical a year in costs – that effectively means that the Government is now expecting to get one year of the PBS free over the next five years.
News and Updates
Government expenditure on the Pharmaceutical Benefits Scheme (PBS) is currently not only sustainable, but actually declined last financial year.
In the past few months, major reports from three separate government agencies have confirmed that PBS expenditure is contained and that price disclosure is delivering savings far in excess of what was expected.
Medicines Australia has called on the Australian Government to save the Pharmaceutical Benefits Scheme (PBS) by delivering stable policies that support the medicines industry and ultimately Australian patients.
“Medicine Australia’s pre-Budget submission sets out six measures that will protect the PBS for future generations,” Medicines Australia Chief Executive, Dr Brendan Shaw, said.
Medicines Australia has welcomed the extended 10 week publication time for the agenda for Pharmaceutical Benefits Advisory Committee meetings that comes into effect today.
The agenda for each PBAC meeting will now be published 10 weeks prior to the meeting, as opposed to the six weeks that had been normal practice until today.
“Medicines Australia supports the longer time period of publication of the PBAC agenda prior to each meeting,” said Medicines Australia Chief Executive, Dr Brendan Shaw.
The Mid Year Economic and Fiscal Outlook released today again proving that the Pharmaceutical Benefits Scheme is financially sustainable.
The MYEFO shows that the PBS is a major parameter saving in the Budget, with spending in 2013-14 to be $526 million lower than budgeted just seven months ago, equivalent to an additional $2.7 billion in savings over the next four years.