AUSTRALIANS are on track to save a quarter of a billion dollars on their medicines in 2023, analysis by the Federal Govt has revealed.

The cost of prescription medicines was lowered to $30 in Jan from $42.50 in the largest cut to the co-payment in the 75-year history of the PBS (PD 23 Nov 2022).

This has put around $20m each month back in savings on around 1.8 million cheaper prescriptions.

According to the Govt, more than 600,000 scripts have been issued since 60-day scripts became available, saving patients an estimated $5m, and by year’s end, Australians will have saved more than $250m on the price of their medicines, with even greater savings to follow in 2024.

The Federal Govt revealed that savings by the state due to lowering the PBS co-payment from Jan to Oct were noted as ACT saved $5m on 450,000 cheaper scripts; NSW $63m on 5.6 million scripts; and NT $1.3m on 112,000 scripts.

While in Qld $39m was saved on 3.5 million scripts, SA $13m on 1.1 million scripts; and Tas $4.2m on 370,000 cheaper scripts.

In Vic $52m was saved on 4.7 million scripts and in WA $23m from 2.1 million scripts.

However, the Guild stated new figures released by the Australian Bureau of Statistics show Australians are still going without prescription medication because of costs, reinforcing the need to reduce the maximum general co-payment for PBS-listed medicines to $19 (PD 22 Nov).

With the medicine co-pay set to rise from $30 to $31.60 for general patients, and the concessional co-payment to rise from $7.30 to $7.70, Guild National President Trent Twomey said, “community pharmacy won’t rest until the general patient co-pay is $19, and it’s time for the Govt to act now.”JG