The centre-left Australian Labor Party has promised to cut the cost of common medications for Australians slightly more than the Liberal Party will if they are elected to government later in May.
Labor will reduce the maximum cost consumers pay for medicines covered under the Pharmaceutical Benefits Scheme (PBS) from $42.50 to $30, a saving of 29 percent.
The changes to the PBS under Labor, due to take effect from Jan.1, 2023, are expected to save Australians more than $190 million (US$134 million) in out-of-pocket costs.
“These changes to the PBS are necessary because we need to make sure that Australians can afford the medications they need,” he said.
This comes just a day after the Morrison government announced it would reduce the maximum price Australians pay for PBS medicines from $42.50 to $32.50 if re-elected, a saving of $10 compared to Labor’s $12.50.
“Our economic plan is delivering cost of living relief to millions of Australians who will save hundreds of dollars every year on the cost of essential and life-saving medications,” he said.
“Millions of Australians will soon save $10 per script for common medications, which means those taking one medication a month could save $120 a year, or those taking two medications a month could save $240 a year.”
Meanwhile, the $12.50 reduction under Labor would mean people taking one medication a month could save $150 a year, while those taking two medications a month would save $300 annually.
With Labor’s pledge coming soon after Liberal’s, Health Minister Greg Hunt said Labor is playing catch-up on health policy, noting that of Labor’s three key health policies for this election, two had already been announced by the government.
“Labor’s history with the PBS is clear. When last in government, they couldn’t list all medicines recommended for the PBS, let alone make them cheaper,” he said on social media.
The Epoch Times reached out to Shadow Health Minister Mark Butler for comment but had not received a response at the time of publication.
However, Butler said on social media that the price of medication has gone up under the current government, as has the cost to see a doctor.