Health Minister Sicks ACCC Onto Panadol Manufacturer For 50% Price Hike

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Published

December 30, 2015

Minister for Health Sussan Ley has called on the Australian Competition Consumer Commission (ACC) to investigate why the price of popular pain medication Panadol Osteo is about to jump by 50%.

As of Jan 1, the cost of the over-the-counter pain med will hike from $5 to $7.50, a “necessary adjustment”, according to manufacturers GlaxoSmithKline.

They’re arguing that their price increase is thanks to changes (coming into affect Jan 1) to the Pharmaceutical Benefits Scheme, which means Panadol Osteo will no longer be subsidised; Ms Ley says this is some straight-up bullshit

“Attempts by the makers of Panadol Osteo to link their proposed 50% price increase to Government regulatory changes without any detail to support their claims can only be interpreted as an attempt to mislead consumers and pharmacists,” she said.

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An ACCC spokeswoman confirmed that they were looking into the matter and are on-course for a little investy-gesty into GlaxoSmithKline’s price increase.

“Generally speaking, individual businesses are free to set their own prices,” she said.

“However, they must not make misleading representations in relation to price changes in those prices, including the reasons for those changes in price.”

Panadol Osteo is just one of 17 types of meds that will be removed from the subsidy scheme, the rest of which include: aspirin, medication for reflux, skin allergies, antacids, chloramphenicol eye products, iron / folic acid supplements, electrolytes, urine test strips, laxatives, and Vitamin B12 injections. Fkn great.

Story: Fairfax / News Corp.
Photo: Channel 7.