Pharmaceutical Benefits Scheme cuts costs on medicine for older Australians

As the Australian Federal Budget (2023 – 2024) is set to be delivered on May 9, many older Australians will be looking forward to the proposed change to the Pharmaceutical Benefits Scheme (PBS), announced by Health Minister Mark Butler.

The change will let roughly 6 million Australians buy 2-months worth of medicine for the price of just one prescription, in a move that has been welcomed by Council on the Ageing (COTA) Australia.

COTA Australia Chief Executive Officer (CEO), Patricia Sparrow, said that the announcement indicated support for the financial well-being of older Australians and their families, along with their health.

In particular, people living with chronic conditions seek to benefit from the scheme which includes over 320 medicines registered under the PBS.

“We know that for many Australians, particularly many older Australians, the cost of prescriptions can be a real strain on the budget,” Ms Sparrow says.

“Many older people have to take several different types of medication and this adds up, especially if you are on a fixed income and trying to balance the cost of these essential and necessary items with other rising costs.

“We’ve heard stories of people being forced to go without or delay getting medicines that they need to live a healthy life because of the cost. People have told us they’ve cancelled most of their medical services and only take medications every two or three days instead of daily so their prescriptions last longer.”

Despite the support, the announcement has also received a lot of criticism, particularly from the Pharmacy Guild of Australia, a lobby representing pharmacy owners, with Guild President Trent Twomey addressing the proposal.

“This is a $3.5 billion cut to patient care across every single community in Australia and that should worry patients,” says Mr Twomey.

“This cut to patient care will mean aged care services are reduced and elderly patients may go without medicine.

“This cut will mean parents wanting access to late night medicines for their kids will miss out because pharmacies will be forced to scale back their opening hours.”

The Health Minister and COTA have remained supportive of the change, despite the uproar of the Pharmacy Guild.

Ms Sparrow said it’s great to see the Federal Government taking real action to support Australians who need access to prescriptions on a regular basis.

“Prescriptions aren’t a luxury item – they’re a necessity. Making our prescriptions cheaper will hopefully ease some of the stress and pressure many people are facing at the moment,” she says.

“The phasing in approach being adopted will ensure that people can gain the full benefits of the change.”