Extraordinary new analysis from The Australia Institute reveals the prices Australians would pay if the US had its way and dismantled our Pharmaceutical Benefits Scheme.
The PBS is, literally, a life saver for Australian families.
The Australia Institute has compared the staggering difference between the prices Australians and Americans pay for some of the most common medicines in the world.
For example, Atorvastatin – a cholesterol pill which is among the top ten most prescribed drugs in Australia – is 125 times more expensive in the US. Australians pay $21.07 for a prescription of Atorvastatin. Americans are slugged $2,628.39 for the same medication.
A commonly used tablet for high blood pressure, Lisinopril, is almost 25 times more expensive in the US than in Australia.
More than 10 million Salbutamol asthma puffers are prescribed or sold over the counter in Australia each year. For every $30 Australians spend on these puffers, Americans are charged $50.
“Americans who can’t afford health insurance are going without life saving medicines and, in extreme cases, dying as a result,” said Matt Grudnoff, Senior Economist at The Australia Institute.
“It is a shameful situation which cannot be repeated here.
“Our Pharmaceutical Benefits Scheme is a national treasure.
“In economic terms, it’s the Australian government using its buying power to deliver cheaper medications for all Australians.
“It is not a restriction on trade.
“Regardless of what the US drug companies think of this practice, the Australian government has a sovereign right to design policy that benefits Australians.
“If the price of maintaining our relationship with the US is paying exorbitant prices for medicine, then Australians will inevitably ask the question – is this a friend we really want?”
