Putting members’ health before profit

More Action Needed to Curb Excessive Medical Device Prices in Australia

Fresh pricing data from France underscores the compelling need for decisive measures to combat profiteering by large multinational medical device companies operating in Australia.

The newly revealed French data shows the alarming disparity in prices for medical devices used to treat health conditions in Australia, providing further motivation to continue the Albanese Government’s ongoing efforts for reform of the nation’s outdated medical device price regulations.

A detailed comparison of the latest pricing data between Australia and France has revealed that leading manufacturers of hip replacement components are priced at an exorbitant 100 to 158 per cent more in Australia, while pacemakers are marked up between 11 to 59 per cent.

Matthew Koce, CEO of Members Health, the peak body for 25 of Australia’s not-for-profit or member-owned health insurers is urging the Albanese Government to continue to press for meaningful reform that puts the interests of Australian consumers ahead of big multinationals.

“The current situation is appalling and untenable. The data paints a shocking picture, suggesting vulnerable Australians in need of healthcare are being ripped off.” Matthew Koce said.

“The latest price comparison data is a stark wake-up call and provides a compelling case for the ongoing reform aimed at achieving fairer prices for Australians. Meaningful reforms will put downward pressure on healthcare costs and insurance premiums.” Mr. Koce said.

“Due to outdated, manipulated, and broken regulations, Australian private health consumers have long been paying extra for identical medical devices available at much lower costs overseas. It’s no wonder that Australia is often referred to as ‘Treasure Island’.”

“There can be no question that a system is in crisis when Australians pay up to 158% more for life-changing medical devices when compared to prices charged overseas.”

“Policyholders can be assured that any savings flowing from prostheses reform will be passed on by the 25 Members Health funds, who always put consumers first, not profits.”

Members Health is the peak industry body for an alliance of 25 health funds that are not-for-profit or part of a member-owned group, regional or community based. They all share the common ethic of putting their members’ health before profit. Our funds represent the interests of more than 5 million Australians.

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