Labor promises $25 cap on PBS prescription medicines if re-elected

If re-elected, the Albanese government plans to reduce the maximum cost of prescription PBS medicines to $25 starting in January 2026, benefiting working Australians not eligible for healthcare subsidies. The proposal, part of Labor’s Cheaper Medicines policy, aims to save Australians over $200 million annually by cutting the cost of most prescription medicine. Despite pushback from US pharmaceutical representatives, Health Minister Mark Butler remains firm in ensuring no negotiation over the PBS and continuing negotiations to avoid tariffs on pharmaceutical trade.

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