PBS medicines are now cheaper

For many of us, the beginning of the year is a time when we set intentions for the future, with plans for our finances and savings often top of the list.  

Many Australians can now factor in significant savings on prescription medicine, with the Australian Government lowering the Pharmaceutical Benefits Scheme (PBS) general patient co-payment from $31.60 to $25 for all Medicare card holders. 

This will make many medicines cheaper. In fact, it’s the cheapest they’ve been since 2004 when the co-payment was $23.70 and we were paying less than $3 for two litres of milk and $4 for a dozen eggs. 

For Commonwealth concession cardholders, the PBS patient co-payment remains $7.70 until 2030.  

Prescription prices vary. If you choose a more expensive brand of medicine with a brand premium, you will pay a premium on top of your PBS co-payment amount. If your prescription costs less than $25, retail pricing can vary between pharmacies.

So, how much could this save you?  

An adult filling two PBS prescriptions per month would save $158.40 a year, while filling three prescriptions per month would result in annual savings of $237.60.  

At the national level, Minister for Health and Ageing, Mark Butler, said the patient co-payment reduction is more than a 20% cut in the maximum cost of PBS medicines, which will save Australians over $200 million each year. 

“Along with Medicare, the PBS is a cornerstone of Australia’s health system. It supports affordable access to more than 900 subsidised prescription medicines,” Mr Butler said.  

“The last time Australians paid no more than $25 for a PBS medicine was more than 20 years ago.  

“This is just one of our cheaper medicine reforms that are helping more Australians access essential medications for a range of health conditions.  

“No one should go without filling a script they need because of costs,” he said.  

More information 

Speak to your doctor or pharmacist about the cost of your medicines, or for more information visit health.gov.au/cheapermedicines.