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MSD Australia endorses new medicines strategic agreement

MSD Australia has today welcomed the signing of a new Medicines Strategic Agreement between Medicines Australia and the Australian Government.

The new Medicines Strategic Agreement in relation to reimbursement, health technology assessment and other matters, will commence on 1 July 2022, and sets in place an ambitious reform agenda aimed at improving patient access to new and innovative medicines in Australia.

Michael Azrak, Managing Director & Vice President, MSD Australia and New Zealand, and Medicines Australia Board Director, endorsed the new Strategic Agreement and commended Medicines Australia and the Australian Government on securing this landmark agreement.  

“The new Strategic Agreement places the patient at centre of the decision-making process for accessing new medicines in Australia and is an important step to improving health outcomes for all Australians.

“MSD believes that patients should be able to access new medicines on the Pharmaceutical Benefits Scheme (PBS) within 90 days of registration by the Therapeutic Goods Administration (TGA). The independent review of Health Technology Assessment, committed to in the Agreement, the first in almost 30 years, has the potential to accelerate patient access to new medicines in Australia in line with this ambition.

“The new Agreement also recognises the critical role that the innovative medicines sector plays in providing Australians with life-changing and life-extending medicines. It is important that technology advancements brought forward by the innovative medicines sector are appropriately valued and recognised.”

Michael Azrak, MSD Managing Director, Australia & New Zealand

MSD acknowledges the leadership of the Minister for Health & Aged Care, the Hon Greg Hunt MP, and the collaboration between Medicines Australia and the Australian Department of Health in securing an agreement that places the patient at the centre, secures meaningful policy reform opportunities and strengthens the PBS.

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Last Updated: 08-Sep-2021