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Published on: June 21, 2019
The PBS in a globalised world: free trade and reference pricing
1Calvary Mater Newcastle, University of Newcastle, Newcastle, NSW 2310. andrew.searles@studentmail.newcastle.edu.au
Summary
Australia
Area of Science:
- Health policy
- International trade agreements
Background:
- The Australia-United States Free Trade Agreement (AUSFTA) included Australia's health policy and Pharmaceutical Benefits Scheme (PBS).
- Concerns were raised about the PBS's potential undermining despite assurances.
- The US has sought the elimination of reference pricing in trade deals since 2002.
Purpose of the Study:
- To investigate the inclusion of the PBS in the AUSFTA.
- To analyze recent PBS reforms in relation to US trade objectives regarding reference pricing.
Main Methods:
- Analysis of the AUSFTA's implications for Australian domestic health policy.
- Examination of reforms to the Pharmaceutical Benefits Scheme (PBS).
- Assessment of the role of reference pricing within the PBS.
Main Results:
- Recent PBS reforms appear to partially address the US objective of eliminating reference pricing.
- Reference pricing within the PBS was previously credited with cost savings for new medicines.
Conclusions:
- The inclusion of the PBS in the AUSFTA and subsequent reforms suggest a compromise influenced by US trade demands.
- The elimination of reference pricing could impact the cost-effectiveness of the PBS.
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