2023 PBS (Pharmaceutical Benefits Scheme) Update

The Australian Government’s Pharmaceutical Benefits Scheme (PBS) aims to provide affordable medicines to all Australians. A wide range of prescription medicines are also available at subsidised prices on the PBS.
The co-payment is the amount you pay towards the cost of your PBS subsidised medicine. Many PBS medicines cost significantly more than the co-payment amount. From 1 January 2023, the reduction saw the co-payment drop to $30 from $42.50 or $7.30 if you have a concession card. This is the equivalent to a 30 per cent saving across each prescription per pharmaceutical benefit. For many this was a historical moment and for many an emotional moment, which saw a downward price movement for the first time in the 75-year history of the program.
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