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MoU delivers lower medicine prices for consumers

Wednesday, 25 July 2012

Media Release

Inflation figures released today by the Australian Bureau of Statistics (ABS) measuring the Consumer Price Index (CPI) show a big fall in the prices consumers pay for medicines.

Medicines Australia chief executive Dr Brendan Shaw said that this fall showed that the Memorandum of Understanding between Medicines Australia and the Government for the Pharmaceutical Benefits Scheme is working.

Today’s figures show that in 2012 the pharmaceutical price component of the CPI had one of its biggest falls in the June quarter since modern records began”, Dr Shaw said.

The prices consumers pay for medicines fell by 1.7 per cent in the June quarter of 2012, according to ABS figures released today.

Expanded and Accelerated Price Disclosure, which was introduced as part of the MoU, drove significant reductions in the prices consumers pay for medicines on 1 April this year.

The ABS itself has flagged that the effects of these cuts on 1 April would have been included in the June quarter pharmaceutical price component of the CPI figures.”

“Today’s ABS CPI figures show that the MoU is delivering cheaper medicines for Australian consumers.”

-ENDS-

Contact Person:

Julie Johnson

Public Affairs Officer, Medicines Australia

Ph: 0422 141 784

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