Pharmacists demand Ley fix Osteo 'mistake'

Pharmacists are demanding the Turnbull government rectify a "mistake" that could triple medicine costs for pensioners, threatening to campaign against it until it's fixed.

The Pharmacy Guild says the decision to remove Panadol Osteo from the Pharmaceutical Benefits Scheme on January 1 was an "elementary error" that will force almost two million osteoarthritis sufferers to pay significantly more for essential pain medication.

Health Minister Sussan Ley has asked the Australian Competition and Consumer Commission to investigate after the makers of the medicine hiked their prices by 50 per cent.