Cheaper drugs on way as medicine costs slashed

The cost of popular medicines will be slashed by up to $200 a year for patients from October 1. 

More than 800,000 Australians will benefit from the changes which will see price reductions across 226 medicine brands.

There will be savings on the cost of strong pain killer oxycodone, which includes brand names Endone and OxyContin.

Patients can save up to $3.78 per script.

"So long as it's done on the advice of the doctor, under prescription and with the support of the pharmacist, these medicines can make a massive difference to someone's day to day life," said Federal Health Minister, Greg Hunt.

Patients who use medicines containing valsartan to control their high blood pressure will also benefit from savings of up to $2.18 per script.

Andrew Holt, 60, from Chippendale needs a script of Co-Diovan each month to keep his blood pressure down.

"It all helps, I'm not made of money," he told Nine News.

"Anything that's coming down in price is great, especially if it's something you need," he said.

People who use popular brand Lyrica and similar drugs containing pregabilin to treat neuropathic pain, epilepsy and anxiety also face savings of up to $6.12 per script. 
Patients with eye disease glaucoma will also benefit from cost savings of up to $3.02 each time they need eye drops containing dorzolamide.

"If medicines are more affordable, people are more likely to take them and adhere to them," said Mr Hunt.

The latest price cycle will produce $340 million in savings to consumers and taxpayers.

It's part of decade long reforms to make the Pharmaceutical Benefits Scheme more sustainable.

"It's about saving lives and making medicines more affordable," said Mr Hunt.

Pharmacists say the latest price cycle will put community pharmacies under more pressure by squeezing margins.

But Chemistworks Broadway pharmacist Catherine Bronger says every dollar counts for patients and it keeps the PBS functioning into the future.

"The reason why we do support it, is it allows the PBS to be a lot more sustainable and new medicines to come onto the PBS," she said.

New but expensive medicines such as Gazyva (obinutuzumab) for patients with advanced follicular lymphoma will be included on the PBS in October.

The injections costs about $104,000 a year, but the cost will be reduced to $39.50 per script or $6.40 for concession card holders.