Government Announces New PBS Cuts

The Australian government will cut prices for off-patent medicines that have a number of competing brands, in the latest of a series of austerities designed to curb spending on the state-run Pharmaceutical Benefits Scheme (PBS). Early indications suggest that the two biggest sellers of generic medicines in the country, Alphapharm - a subsidiary of German drugmaker Merck KGaA - and local firm Sigma will be hardest hit by the new measures. However, BMI concurs with market watchers in that an initial loss in value terms should be offset by an increase in volume sales.

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