Cuts down under (ouch!)

The Australian Federal Government is believed to be close to securing a deal with drug manufacturers to cut the cost of the Pharmaceutical Benefits Scheme (PBS).

It is understood the pharmaceutical industry has agreed to cut about $1 billion from the price of medicines used in the scheme.

Both the Government and the industry group Medicines Australia have declined to comment.

Yesterday, the Government announced a new five-year agreement with pharmacists that is expected to save a further $1 billion.

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