Health decision makers headline at GBMA’s signature Federal Budget event

Thursday, May 16, 2024

Canberra

Following the delivery of the Albanese Government’s third budget, the peak body for affordable medicines, hosted the Minister for Health and Aged Care, the Hon Mark Butler MP and the Shadow Health Minister, Senator Anne Ruston, at its annual Post-budget Member and Stakeholder luncheon event in Parliament House.

Joining the Generic and Biosimilar Medicines Association (GBMA) were fellow MPs and Senators, senior health bureaucrats, members of the GBMA and leaders from patient advocacy groups, clinician peak bodies, community and hospital pharmacy, indigenous, public and regional health organisations.

As a key member of the Cabinet’s Expenditure Review Committee (ERC), Minister Butler described the 2024-2025 Federal Budget as a ‘tough one to land’ with a range of ‘complex competing dynamics in the economy’.

“We needed to respond to the cost of living pressures whilst not fuelling inflationary pressures,” Minister butler said. Minister Butler described biosimilar medicines as an important part of the medicines policy landscape.

Senator Ruston said she supported the Government’s injection of funding into the Pharmaceutical Benefits Scheme (PBS) for the listing of innovative medicines but says the rising healthcare costs and the pressures on GPs and hospitals continues to be the biggest issue facing patients.

The generic and biosimilar sector remains strongly aligned with the Government’s anticipated ‘cost of living’ relief focus in its 2024-2025 Federal Budget.  The listing of just one biosimilar molecule alone, onto the Pharmaceutical Benefits Scheme (PBS), can release up to $75 million in budget savings in the first year.  Collectively, these savings can add up to hundreds of millions of dollars each year to the Government’s coffers.

GBMA CEO, Ms Marnie Peterson said the critical dual role of biosimilars in treating chronic diseases, such as rheumatoid arthritis, cardiovascular, crohn’s and colitis and some cancers, whilst relieving pressure on the health budget was a win-win for patients and taxpayers alike.

“The majority of OECD countries have long tied social and health outcomes with policies that actively drive the uptake of biosimilars and, as a result, these countries were able to fund a raft of innovative therapies and long-term health initiatives for their respective citizens.[1]

“We know one in five Australians are struggling with two or more chronic diseases.[2]  The costs to them, and the health budget, is staggering,” Ms Peterson said.” We know with rising inflation and an ageing population, that economic impact is only going to worsen.”

Ms Peterson said the GBMA, industry leaders and healthcare leaders appreciated hearing firsthand from Minister Butler and Senator Ruston about their respective views on the health budget, ahead of a high stakes election year.

Media also attended GBMA luncheon event.

-ENDS-

Media inquiries:
Jannette Cotterell
Executive Counsel Australia
0419 204 059
jcotterell@executivecounsel.com.au

ABOUT GBMA

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] Generics and Biosimilars Initiative (GaBi). Uptake of biosimilars in different countries varies. (Posted 08/11/2019). Available online: Uptake of biosimilars in different countries varies (gabionline.net). (Accessed on 31 January 2023).

[2] https://www.abs.gov.au/statistics/health/health-conditions-and-risks/health-conditions-prevalence/latest-release

[3] 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).

[4] Australian Government. Department of Health and Aged Care. Biosimilar Medicines Regulation. Available online: Biosimilar medicines regulation | Therapeutic Goods Administration (TGA)

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