Wednesday, May 15, 2024
Canberra
In its third budget, the Albanese Government focused again on mitigating the rising cost of living that many Australians continue to experience, including those struggling to afford increasing healthcare costs.
The peak body for affordable medicines, the Generic and Biosimilar Medicines Association (GBMA) commended the Prime Minister, the Hon Anthony Albanese MP, the Treasurer, the Hon Dr Jim Chalmers MP and the Minister for Health and Aged Care, the Hon Mark Butler MP, for budget reforms that are aimed at delivering cost relief, for many Australians.
The Independent Chair of the GBMA, Professor Jane Halton AO PSM, said the Treasurer had a difficult challenge of providing struggling families with more fiscal support, without further driving inflation.
“The affordable medicines sector is closely aligned to those dual aims and every time a new generic or biosimilar molecule is listed on the Pharmaceutical Benefits Scheme (PBS), it triggers the release of millions of dollars in savings to the Government and relief to patients,” Professor Halton said. “This is a significant win for patients and taxpayers with over two thirds of PBS volume delivered by our sector, yet the opportunity remains to tap into the highly underutilised source of funding in the biosimilar space.”
The CEO of the GBMA, Ms Marnie Peterson said biosimilars treat many chronic diseases but at a considerably lower cost. “If biosimilars were further utilised, the financial pressure, on both vulnerable patients and the economy, could be significantly eased.”
“The burden of chronic disease weighs heavily on the health budget with one in five Australians living with two or more chronic conditions.¹,” Ms. Peterson said. “We are pleased to see more measures in the 2024-2025 Federal Budget to help these Australians access the primary care and support services they need and the subsidisation of more new medicines.” Ms. Peterson said.
“The GBMA looks forward to working with Government to ensure all Australians can continue to access affordable, high-quality medicines, whenever and wherever they need them,” Ms. Peterson said.”
-ENDS-
Media inquiries:
Jannette Cotterell
Executive Counsel Australia
0419 204 059
jcotterell@executivecounsel.com.au
The Generic and Biosimilar Medicines Association (GBMA) is the peak representative body of generic and biosimilar medicine suppliers in Australia. Its members ensure that all Australians are offered the highest quality generic and biosimilar medicines in the world whilst providing affordable community health outcomes that benefit all Australians.
ABOUT BIOSIMILARS²
Biosimilar medicines are highly similar versions of the original, or ‘reference’, brand of a biological medicine. They are subject to the same regulatory standards and are equally safe and effective at treating the same diseases as the original biological medicine.³
Biosimilar brands of medicine come onto the market after the patent for the equivalent reference brand of a biological medicine has expired. They provide more brand options for the same clinical results and introduce competition into the medicines market. They have been in use internationally for more than 15 years.
For more information, please contact the GBMA – admin@gbma.com.au or visit www.gbma.com.au
References
1. https://www.abs.gov.au/statistics/health/health-conditions-and-risks/health-conditions-prevalence/latest-release
2. Australian Government. Department of Health and Aged Care. About Medicines. Available online: https://www.health.gov.au/topics/medicines/about-medicines. (Accessed on 31 January 2023).
3. Australian Government. Department of Health and Aged Care. Biosimilar Medicines Regulation. Available online: Biosimilar medicines regulation | Therapeutic Goods Administration (TGA)
