Health check: Government bid to ease cost of living from 1st July

More than eight million Australians are living with at least one long-term health condition, the Australian Bureau of Statistics reported yesterday.

More than eight million Australians are living with at least one long-term health condition, the Australian Bureau of Statistics reported yesterday.

That means just under one-third of our nation’s citizens are battling the likes of arthritis, asthma, cancer, dementia, diabetes, heart disease, kidney disease, lung condition, mental health condition and stroke.

And more than three-quarters of a million of those people have been advised they have three or more long-term health conditions, as per data gleaned from the 2021 Census.

These statistics come just days before the Federal Government is due to lower the Pharmaceutical Benefits Scheme’s Safety Net threshold, as part of its commitment to reducing cost-of-living pressures and ensuring people can access the medicines they need.

The government is investing $525.3 million over four years (FY23 to F26) to reduce the out-of-pocket costs for Australians who rely on PBS-subsidised medicines, with families, pensioners and chronically ill patients requiring multiple medicines to benefit the most.

From this Friday, 1st July, the PBS Safety Net threshold in each calendar year will be lowered by the equivalent of 12 fully priced scripts for concession card holders and the equivalent of two fully priced scripts for non-concessional (general) patients.

In 2021, about 1.8 million Australians qualified for free or discounted medicines through the scheme, and it is estimated that 2.4 million Australians in total will benefit from these new threshold reductions.

In a bid to further reduce out-of-pocket costs, federal government funding of $2.4 billion over four years has also been set aside for new and amended PBS listings, including treatments for cystic fibrosis, spinal muscular atrophy and bowel cancer.

Australians themselves are also taking an active role in their health, with data published this year by Statista showing that 73% of Aussie consumers indicated they had purchased complementary medicines in the previous 12 months.

Over half of the respondents had purchased vitamins, making it the most complementary medicine, in a health and wellness market worth $10.7 billion in Australia alone.

Reach is hosting an online investor briefing with Wellnex Life CEO George Karafotias tomorrow, 30th June at 1pm (AEST), where he will discuss the progress Wellnex has made in the health and wellness market, and its plans for future expansion. Book here.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Wellnex Life Limited and will receive fees for its services.



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