Canberra. In its final budget before the federal election, the Albanese Government prioritised cost-of-living relief for patients – key measures that were praised by the peak body for affordable medicines.
The centrepiece of the 2025-2026 Federal Budget includes reforms that will save non-concessional patients nearly $7 on every prescription and will allow more affordable access to GPs, especially in disadvantaged communities.
The Independent Chair of the Generic and Biosimilar Medicines Association (GBMA), Hon. Professor Jane Halton AO PSM, said the Budget was an unequivocal response to concerns of Australians struggling with cost-of-living pressures and a lack of access to affordable healthcare.
“We know these are two of the most important issues, especially for the eight in ten Australians struggling with the burden of at least one long-term health condition1,” Professor Halton said, “This is why the GBMA continues to be a strong advocate for these most vulnerable of patients.”
However, with chronic disease such as cancer, rheumatoid arthritis and cardiovascular disease on the rise, more Australians are relying on innovative but very expensive and complex biologic medicines. Hon. Prof Halton emphasised that increasing patient uptake of biosimilars – the more affordable alternatives – is essential to delivering sustainable healthcare savings.
“We must better support and patients who choose biosimilars, where available,” Professor Halton said, “Further reducing the cost of these medicines will significantly amplify the impact of the Government’s new ‘cheaper medicines’ reform.”
The CEO of the GBMA, Ms Marnie Peterson welcomed Treasurer, the Hon Jim Chalmers MP’s focus on improving timely and equitable access to healthcare for all Australians but stressed that biosimilar policy reform must be the next Governments’ priority.
“With the right policy levers, unlocking the full potential of biosimilars could free up as much as $1.5 billion over the next five years – funds that could be reinvested into vital healthcare initiatives, especially those desperately needed by Australians with lifelong chronic disease, “Ms Peterson said.
The 2025-26 Federal Budget marks a significant step towards making medicines more affordable for all Australians. The GBMA looks forward to working with the next Australian Government to build on these reforms, ensuring long-term sustainability and greater access to treatments.
Media inquiries: Jannette Cotterell Executive Counsel Australia
+61 419 204 059
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 conditions 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 available in use for more than 15 years.
- https://www.abs.gov.au/statistics/health/health-conditions-and-risks/health-conditions-prevalence/latest-release
