Aligned with the Government’s focus on boosting productivity, strengthening economic resilience, and ensuring budget sustainability, the Generic and Biosimilar Medicines Association (GBMA) has welcomed the commitment to advancing biosimilar policy reform as a meaningful step forward for patients. These life-changing medicines play an important role in improving access and supporting the long-term sustainability of the Pharmaceutical Benefits Scheme (PBS).
Building on years of sustained advocacy by the GBMA and its members, the Government has announced that the Commonwealth will begin consultations on options to ensure Australians have rapid access to life-saving medicines, and to consider changes to prescribing practices to determine whether biosimilar medicines should be the default for new prescription medicines.
These actions will ensure the system continues to provide Australians with world-class access to medicines and is prepared to meet their needs into the future.
Biosimilar medicines are highly similar versions of the original, or ‘reference’, brand of a biological medicine. They are subject to the same regulatory standards and are equally safe and effective at treating the same diseases as the original biological medicine.
Independent Chair of the GBMA, Jane Halton, said the Budget reinforces the importance of access to life-changing medicines, while also recognising Australia’s place in a competitive global environment.
“Biosimilar policy reform has the potential to significantly expand access to biologic medicines, ensuring more Australians can receive treatment earlier and helping to reduce inequity in access,” she said. “Greater uptake of biosimilars could free up as much as 1.5 billion1 dollars in critical headroom over the next 5 years for the PBS which can be reinvested in new therapies and delivering better outcomes for patients.”
GBMA CEO Nikki Lorenz said the Budget provides a strong platform to build on, particularly as Australia looks to balance access with long-term supply security.
“Progress on biosimilar policy is a critical step forward. Targeted reform presents a clear opportunity to unlock further capacity within the PBS, supporting reinvestment in innovative treatments while ensuring more Australians can access the medicines they need.” Ms Lorenz said.
“At the same time, strengthening supply chain resilience must remain a priority. In a competitive global market, Australia needs policy settings that support reliable medicine supply, so patients are not left waiting.”
The GBMA emphasised that safeguarding supply and improving access will require a coordinated, cross-sector approach that recognises global market dynamics, alongside ongoing improvements to PBS sustainability settings and medicine shortage communication.
GBMA looks forward to working with Government and the Department on practical policy settings to support this initiative to expand access and lower costs, ensuring patients directly benefit from the savings generated by lower-cost biosimilar medicines.
