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News & Trends - Pharmaceuticals

Medicines Australia says new Strategic Agreement not to be finalised until after the Budget

Health Industry Hub | May 10, 2021 |

Pharma News: Delivering timely access to much-needed vaccines and innovative treatments for Australians is a priority for the Government, Medicines Australia, Industry and patients.

Medicines Australia has been working closely with the Minister and his Department since last year to develop a new 5-year Strategic Agreement to commence at the expiry of the current Agreement in July 2022, to deliver greater long-term certainty for both industry and Government. 

Medicines Australia has mutually agreed to continue discussions after the Budget to provide additional time for important but complex elements to be considered and finalised, as soon as possible.

Medicines Australia’s partnership with Government led to the announcement in October 2020 of the removal of the offset policy and the establishment New Medicines Funding Guarantee which will deliver new funding each year for the listing of the new medicines on the PBS, with approximately $2.8 billion in new funding expected to be committed over the next four years.

“We look forward to seeing the dividend of the New Medicines Funding Guarantee in next week’s Budget papers which will outline the investment in new PBS medicines listings since the last economic statement from Government,” Medicines Australia said in a statement.

“The Government and Industry’s immediate focus must remain the Covid-19 response and vaccine roll-out. Following next week’s Budget, we will work to finalise commitments in the new Agreement that prioritise tangible benefits for patients. 

“We look forward to agreeing further significant improvements in patient access to medicines and in particular, commitments to modernise Health Technology Assessment to keep pace with scientific breakthroughs and rapid advancements in medicines and technologies.”

Medicines Australia will continue to work with Government to deliver an Agreement that will meet the Australian community’s expectations and ensure that patients will be able to access new medicines and therapies when they need them.


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