Stability At Last For Drug Innovators And Pricing In Australia
The Australian government has promised not to implement any new therapeutic groups under the Pharmaceutical Benefits Scheme for the next five years, nor will it introduce any new pricing reforms without consulting the innovative drug industry first.
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With the government and opposition parties in Australia in full pre-election promise mode, the pharmaceutical industry has called on the future government to guarantee the sustainability of the drug reimbursement system, extend the data exclusivity period and review the National Medicines Policy on access to new drugs.
A new bill just approved in Australia will introduce further price cuts in order to reap savings on the pharmaceutical bill, which will partly be used to fund the reimbursement listing of new drugs. The pharmaceutical industry will also benefit from a more predictable pricing environment, at least until 2022.
Australian pharmaceutical companies are facing possible increases in the fees they have to pay for applications to have medicines listed on the Pharmaceutical Benefits Scheme, as the government proceeds with plans to ensure fee revenues cover the full cost of assessment work.