Medical device prices in Australia are the highest in the world, increasing health insurance premiums for 13 million Australians.
In Australia, the Federal Government’s Prostheses List set the prices for more than 11,000 items including medical devices like screws and stents used on common surgical procedures like knee and hip replacements.
Private health funds are required to pay a set price for items on the Prostheses List regardless of quality, efficacy, efficiency or safety. The same items in the UK or New Zealand can be $100s or even $1000s of dollars less.
The Federal Government must reform the Prostheses List by January 2022.