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Australians paying more than $500 million a year too much for prescription drugs

Australians pay more than $500 million a year too much for their prescription drugs.

A report by the Grattan Institute has found drug prices in Australia are more than twice as high than in the UK, and more than three times higher than in New Zealand.

It found Australians, on average, pay five times more than the best international price for a group of seven commonly prescribed drugs.

And it’s not just our wallets that are hurting.

The report found in the past year, about eight per cent of Australians decided not to buy prescribed drugs because they simply couldn’t afford them.

Grattan Institute Health Program Director, Stephen Duckett, has told 3AW Breakfast it’s not a difficult proposition.

‘When you add it all up, we’re paying way over the top,’ says Mr Duckett. 

‘Taxpayers would save $96 million a year if we just paid the same as they do in England and New Zealand.’

Click PLAY below to hear more from Stephen Duckett