Comment on Powerful US lobby groups urge tariff retaliation against Australia’s ‘socialised medicine’
Substance_P@lemmy.world 1 week ago
“In Australia, prices for pharmaceutical medicines are capped at $31.60 if listed on the PBS. A 2024 report by research organisation Rand found that US drug prices were, on average, about 370% higher than in Australia and 278% above the OECD average”
The American pharmaceutical system is broken. The U.S. spends significantly more on developing drugs than other developed nations, partly due to unfettered regulation. This spending is attributed to exploitative capitalism and a lack of price controls. The fragmented nature of the U.S. healthcare system created this monster, and now these mega-corporations can’t stop the “sugar high.” It’s total BS.
princessnorah@lemmy.blahaj.zone 1 week ago
Importantly, what we here as consumers pay for medications is NOT what the drug companies are paid for them by the government. Every single scrap of reporting I’ve seen on this has neglected that fact. My ADHD meds cost the government over $100 per month.
dgriffith@aussie.zone 1 week ago
That’s right - the Australian government has bulk purchasing power and that’s a big motivator for pharmaceutical companies. When companies get their medications on the PBS sales in Australia skyrocket.
There are some very expensive drugs on the PBS simply because it makes financial sense from a cost of care perspective for the government to do so.
spudsrus@aussie.zone 6 days ago
Yeah the true power of PBS bulk purchasing is amazing. There’s no way the government pays the advertised full price of my drugs.
Probably not even a tenth of it. Thanks to PBS I can afford to not die young. Pretty sure the vast majority of Aussies would agree the US should fuck right off before we consider changing it.