The Australian Government and the Generic and Biosimilars Medicines Association (GBMA) entered into a new five-year strategic agreement in September, according to Lexology, a news outlet that delivers the most comprehensive source of international legal updates, analysis, and insights.
The GBMA is a representative body of generic and biosimilar medicine suppliers in Australia. It ensures that all Australians are offered the highest quality generic and biosimilar medicines whilst providing affordable community health outcomes that benefit all Australians.
The GBMA Strategic Agreement focuses on a package of policy settings and incentives, which should boost the supply of generic medicines available through the Pharmaceutical Benefits Scheme (PBS) – a program of the Australian Government that subsidizes prescription medication for Australian citizens and permanent residents.
The Australian Government also entered into a new five-year strategic agreement with Medicines Australia in September.
Some of the key outcomes of the agreement include price disclosure, price competition reform, stockholding requirement, among others.
The GBMA Strategic Agreement contains a commitment to consult regularly during the term of the GBMA Strategic Agreement for further uptake drives that may be implemented by the Government to increase the dispensing of biosimilar brands as more are included in the PBS, according to Lexology.
The generic and biosimilar medicines market has been working closely with the Australian government to benefit patients.
“Key to these reforms is the continuation of the 30% price disclosure threshold, which protects generic and biosimilar medicines from price disclosure price reductions due to aggressive discounting in any price disclosure cycle,” per the news outlet.
The GBMA adheres to a common set of principles, such as making high-quality medicines affordable for all Australians, providing ongoing education and professional development to healthcare professionals, and ensuring high standards of conduct using a strict Code of Practice. The association also supports high standards in the manufacture of generic medicines so Australians can consistently receive safe, effective, and high-quality generic drugs.
