Medicines Matter – Government confirms commitment to uncapped PBS
Medicines Australia welcomes today’s announcement of $331 million for the listings of innovative medicines on the PBS in today’s 2019/20 Federal Budget. This is reinforced by the Morrison Government’s commitment to listing all positive recommendations made by the Pharmaceutical Benefits Advisory Committee.
Medicines Australia CEO Elizabeth de Somer said: “The Morrison Government has recognised that medicines matter and confirmed their commitment to the uncapped PBS and overall health expenditure. This will help ensure all Australians have access to new and innovative medicines they need when they need them.
The Treasurer announced overall health portfolio spending will increase by $20 billion over forward estimates, from $102 billion in 2018-19 to $115 billion in 2022-2023.
The forward estimates show a $40 billion spend on the PBS consistent with previous years reporting.
Funding on the PBS will dip and then grow over the forward estimates. Beyond 2020-21, rebates have been removed from the presentation of the Budget Figures for PBS. Over the forward estimates, the PBS headline figure drops by 18.6 percent in real terms due to rebates being removed.
“The fact that there were no significant reforms or new saving measures imposed on our sector is a reminder of the value of having a Strategic Agreement with the Commonwealth, that provides the framework for ongoing collaboration, consultation and partnership in the future, and importantly, no surprises,” said Ms de Somer.
“Medicines Australia remains committed to working constructively with the Government to deliver a solution that will enable the Government to invest in the PBS so that new innovative medicines can continue to be listed for Australians.
“We are pleased with the Government’s commitment to research and development within the innovative pharmaceutical sector with a $354m investment from the MRFF for clinical trials for rare cancers and rare diseases. We are on the cusp of transformational change both in the way diseases will be treated and consumers expectations. This investment in clinical trials will make headway in this area.
Medicines Australia will examine the 2019 Federal Budget over the coming days to determine further opportunities in which the Government can maximise the return on their investment in medicines.
More information – Natalie Wimmer – 0450 728 660