Medicines Australia has today lodged its submission to the 2019-2020 Federal Budget.

Released for member comment in late December, the submission, entitled Our choice for a healthier future, Medicines Australia highlighted the clear benefits of keeping the Pharmaceutical Benefits Scheme (PBS) strong and encouraged continued investment in Australia’s health.

Medicines Australia also seeks a commitment from the Government to ensure the full implementation of and commitment to the Strategic Agreement.

Over the past decade, Australia’s innovative medicines industry has worked with successive governments on fundamental reforms delivering more than $20 billion in ongoing savings. The Strategic Agreement has locked in further savings in every year of the budget forward estimates through to 2022, totaling approximately $1.8 billion.

Medicines Australia has also recommended that the Government grow the investment opportunities for innovation and research in the pharmaceutical sector, and work with industry to demonstrate the broader value of medicines to patients and society.

"The challenge for government, the community and industry is to ensure that the PBS can fully fund the needs and demands of Australian patients, not just for today’s medicines and vaccines, but for tomorrow’s advancements in innovative therapies," CEO Liz de Somer said.

"This can only be achieved by Government making a commitment to work with industry to maintain a fit-for-purpose PBS; support innovation, R&D and the investment environment; and provide additional business certainty by ensuring that there are no surprise PBS savings measures introduced in the 2019-2020 Federal Budget.

"Fast access to new medicines is also a huge issue in Australia – our approvals timeframes lag significantly when compared to other OECD countries. This is costing lives.

"So, in our 2019-2020 Federal Budget Submission, we have also asked the Government to ensure that PBAC recommendations be approved by Cabinet within a 6-month time frame.

"Medicines Australia remains committed to working with Government to create solutions that address the viability and sustainability of the PBS and its ability to properly fund new medicine – so we can make the right choices for a healthy Australia," said Ms de Somer.

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