Discount rate adjustment for the health of future generations
17 May 2022: Medicines Australia has released a video detailing the need for Australia to adjust its discount rate for medicines, vaccines and treatments.
A discount rate reflects what value Australia places on the nation’s future health compared to present health outcomes. Australia hasn’t changed its discount rate in 30 years and is falling behind other countries like the UK, France and Canada. Which have all adjusted their discount rates to economically more highly value medicines and treatments that provide ongoing and long-lasting benefits.
Medicines Australia CEO, Elizabeth de Somer, said that medicines that have a long-term benefit like vaccines are not prioritised when it comes to funding support.
“Currently in Australia, medicines that deliver an immediate or short-term benefit have a higher funding priority than those that don’t,” Ms de Somer said.
“As a society, we must treat all these medicines; medicines that save lives, extend lives, and protect quality of life – more equally.
“Our high discount rate is ignoring the health needs of our future generations.
“A lower discount rate will recognise the value of preventative treatments and cures – and speed up access to them.
“The next Government must implement a lower discount rate.”
Medicines Australia has outlined the health priorities for the next Government in a series of videos which are being released each week of the Federal Election campaign.
Watch the latest video, Australia’s Discount Rate.
Other videos in the Medicines Australia election social media campaign:
- Timely access to medicine
- Reviewing our health technology assessments (HTA)
- Listening to the patient voice
- The pillars of health.
- The National Medicines Policy (NMP) Review
More information about the discount rate can be found here.
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