Australia needs a fairer prostheses pricing system

  • It is unfair that Australians pay more for medical devices than consumers in other countries.
  • Private patients pay more than public patients for the same medical device. 
  • In a deal struck with the Federal Government last year, the medical device companies promised savings of $250 million by reducing inflated prices of protheses – which would be directly passed onto private health insurance members in the form of lower premiums.
  • These savings have not been delivered, but private health insurers have still passed on the savings to members.
  • It’s time for a National Procurement System to be established. This would mean medical devices undergo the same regulatory checks around efficacy and pricing, like pharmaceutical drugs do under the Pharmaceutical Benefits Scheme.
  • Holding medical device companies to account will make cover more affordable for all 13.6 million Australians who have private health insurance.