Cheaper medications for Aussies as PBS undergoes first major change in 75 years

While it seems the price of everything is going up, as of tomorrow the cost of some popular medications will be slashed.

It's thanks to the first major change to the Pharmaceutical Benefits Scheme in its 75 year history.

From January 1, the maximum general co-payment for medications is dropping from $42.50 to $30 - saving patients nearly 30 per cent on a script.

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The co-payment is the amount you pay towards the cost of your subsidised medicine.

It means someone taking one medication a month could save up to $150 a year.

"And they include a number of medicines to prevent asthma, insulin for diabetes patients and some blood thinner anti-coalgular medications for people with heart conditions," Anthony Tassone from the Pharmacy Guild of Australia told 9News.

Concession card holders will continue to get a bigger discount on medications, however the out-of-pocket cost will rise slightly in-line with inflation - from $6.80 to $7.30.

Under the new price system, the amount paid by a patient will still count towards their PBS Safety Net.