Albanese says PBS 'not for sale' as Coalition matches $25 prescription drug pledge

 Prime Minister Anthony Albanese has vowed to defend Australia’s subsidised drugs program, promising to further cap the cost of most prescriptions at $25 if Labor is re-elected.

The Coalition quickly jumped on the government’s plan, with the pledges coming after a group of US pharmaceutical giants complained that the scheme used “harmful pricing policies” and called on President Donald Trump to add Australian PBS manufacturers to its tariff list.

“It’s no surprise that there is some pressure and some opposition to the PBS, but let me be very clear and explicit: the Pharmaceutical Benefits Scheme (PBS) is not for sale,” Albanese said during a speech on Thursday, describing the program as a “core part of who we are as Australians”.

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“It is a monument to fairness at the heart of Australian life and we do not trade our values.”

In a 243-page document submitted to the US government, the Pharmaceutical Research and Manufacturers of America (PhRMA) group — which represents the US pharmaceutical industry — said “blatant and discriminatory” pricing policies in places like Australia, Canada and Japan were undermining American innovation, threatening billions in lost sales and jeopardising American competitiveness, jobs and exports. The group also argued that PHC manufacturers were effectively dictating access to the Australian market, causing delays in access to new medicines and making it harder for international companies to compete. But PHC improves Australians’ lives, Albanese said, and cheaper medicines make it easier for citizens to take care of their health.