Federal Budget 2016 – Commitment to the PBS
The innovative medicines industry acknowledges the Australian Government’s commitment to maintaining funding levels within the Federal Budget for the Pharmaceutical Benefits Scheme (PBS). The PBS is designed to ensure that Australian patients receive timely access to innovative medicines.
“We believe tonight’s budget provides predictability in PBS arrangements, improvements to registration processes for new medicines coupled with company tax cuts for business are welcome policies which help to create a more conducive environment to attract investment,” Chairman of Medicines Australia, Mr Wes Cook, said.
Predictability in Australian Government policy beyond 2016 is essential to allow our research-based, innovative medicines sector in Australia to effectively plan for the future and continue to invest.
A predictable business environment for the medicines industry also contributes to the ongoing supply of safe and effective medicines to Australian patients.
“Our member companies invent, manufacture and supply innovative medicines and vaccines for the Australian community. These medicines keep Australians out of hospitals, prevent disease and play a pivotal role in ensuring a productive and healthy community,” he said.
Medicines Australia also welcomes the $20.4 million investment over four years in response to the Medicines and Medical Devices review (MMDR) that will facilitate life-saving medicines coming to the Australian market faster, through removing or streamlining unnecessary or inefficient processes.
Following years of significant reform to the PBS, the fact that there are no new PBS cuts in the 2016-2017 budget is welcome.
Medicines Australia notes the new PBS listings announced in the Budget that will provide further important health benefits for patients.
While Medicines Australia broadly welcomes the outcomes of the Federal Budget, we are looking forward to understanding the document in more detail over the coming days.
Medicines Australia remain committed to working with the Australian Government, Departments and agencies across Government to deliver on our shared objectives of improving health outcomes while also encouraging greater innovation through industry investment in Australia’s talented scientists, medical practitioners, universities, research centres and biotechs.
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