Australians deserve a fair deal on medical devices
The cost of medical devices is one of the largest drivers of premium increases. Currently, the price of medical devices in Australia is around 30% higher than in countries such as New Zealand, France and the UK.
For example, the same stem item used in hip replacements costs more than $4,000 in Australia, while in New Zealand and the UK it costs just $1,800. Australian private health insurers pay up to five times as much for cardiac stents.
The current medical device regime keeps premiums high and ensures that big multinational medical device companies make much larger profits in Australia compared to other countries.
Urgent government reforms to the way medical devices are priced are needed to keep private healthcare affordable for more Australians.
By changing medical device costs, private healthcare premiums will reduce, with no effect on the quality or accessibility of the devices that your doctor can recommend.