Budget 2020-21 – Australia’s ‘pandemic’ budget prioritises the needs of patients

Generic and Biosimilar Medicines Association congratulates the Australian Government

Canberra: Australian patients are clearly at the forefront of this the ‘pandemic’ budget, says the peak body for generic and biosimilar medicines and the Morrison Government is to be congratulated for its swift fiscal response to the world’s biggest health crisis.

The CEO of the Generic and Biosimilar Medicines Association (GBMA), Ms Marnie Peterson, said whilst GBMA members are still working through the details, it was a welcomed 2020-21 Budget and one delivered at a time of unprecedented stress imposed on Australia’s healthcare system.

“We know how difficult this year has been for all Australians but, in particular, for our most vulnerable,” Ms Peterson said. “All of our members have been working hand-in-glove with the Government to ensure that throughout this crisis, all Australians continue to have ongoing reliable, safe and timely access to affordable medicines.”

Ms Peterson said tonight’s budget recognises the relief that generic and biosimilar medicines have provided to the financial pressure rapidly building on Australia’s healthcare system.

Key highlights include:

• The Government’s commencement of early negotiations with the GBMA, on long term certainty for the sector, through a new strategic agreement
• Safeguarding the commitment to list all new medicines – recommended by the PBAC – through the establishment of a new “PBS Medicines Funding Guarantee”
• New listings of medicines onto the PBS
• Changes to the proposed PBS rebate reforms that will seek to create more headroom in thePBS for new listings and streamline the tracking of medicines through the process. 

“With the largest volume percentage of medicines on the PBS being generic products, the contribution by our members underpins the sustainability, health and good function of Australia’s delicately balanced health ecosystem,” Ms Peterson said. “Never before has this attribute been more important and more recognised.

We look forward to working with the Minister for Health, and his department, on preparing a new strategic agreement, now with significant time available to our industry to negotiate in the absolute best interests of Australian patients.

“Today’s high impact and targeted budget, along with all of the health containment initiatives, should continue to provide deep reassurance, to all Australians, that our country is exceptionally well prepared to recover from the economic and health shocks of this virus.” ENDS