PBS Medication Prices in 2026: What You Pay With and Without a Concession Card

Every prescription you fill at an Australian pharmacy falls into one of two pricing buckets. Either the medication is listed on the Pharmaceutical Benefits Scheme (PBS) and the government covers most of the cost, or it is not listed and you pay the full retail price.

The difference can be enormous. A month of cholesterol medication might cost you $7.70 on the PBS or $35 without it.

2026 PBS Co-payment Rates

These rates apply from 1 January 2026. They adjust on 1 January each year based on the Consumer Price Index. If the actual cost of your medication is less than $31.60, you pay the lower amount.

Concession pricing applies if you hold a Pensioner Concession Card, Commonwealth Seniors Health Card, or Health Care Card. Veterans with a DVA Gold or White Card also qualify for concession rates on covered medications.

The 20 Most Common PBS Medications and What You Pay

These are among the most frequently dispensed PBS medications in Australia. Your pharmacist dispenses millions of these scripts every year.

Notice that concession card holders pay $7.70 across the board. For general patients, the price varies depending on the actual cost of the medication, but never exceeds $31.60.

When a Medication Is Not on the PBS

Not every medication qualifies for PBS subsidy. If your doctor prescribes something that is not listed, you pay the entire cost yourself. This is called a private prescription.

Private prescription costs can be confronting.

• Ozempic (semaglutide) for weight loss: $130 to $200 per month (PBS-listed for diabetes only, not weight management)
• Modafinil (Modavigil): $80 to $150 per month
• Tretinoin cream (Retrieve): $40 to $80 per tube
• Melatonin (Circadin) for adults under 55: $30 to $50 per pack (PBS-listed only for over 55s)
• Sildenafil (Viagra) 100mg: $25 to $60 for four tablets

Some medications sit in between. They might be PBS-listed for one condition but not another. Ozempic is the most well-known example right now. If you have type 2 diabetes, the PBS covers it and you pay $31.60 or $7.70. If your GP prescribes it for weight loss, you pay the full $130 to $200.

Private Prescriptions vs PBS Prescriptions

Your doctor decides whether to write a PBS or private script. For PBS-listed medications, they will almost always write a PBS prescription. But there are situations where you end up with a private script for a PBS drug.

This happens when the medication is PBS-listed but your condition does not meet the PBS criteria, or when you need a higher dose than the PBS allows. It also happens when your doctor writes a private script by mistake, which is rare but worth checking.

How Pharmacists Can Save You Money

Your pharmacist has more flexibility than most people realise. When a PBS medication has multiple brands available, the pharmacist can dispense whichever brand is in stock. You pay the same PBS co-payment regardless of which brand they choose.

For example, atorvastatin (the cholesterol drug originally sold as Lipitor) now has over a dozen generic brands. They all contain the same active ingredient in the same dose. Your pharmacist might dispense Lipitor, or they might dispense a generic version. The PBS price stays the same either way.

If you prefer a specific brand, you can ask for it. In some cases the pharmacist can request a brand premium from the manufacturer, though this is rare for most common medications.

PBS Price Changes Each Year

Co-payments adjust on 1 January. The government also reviews which medications are added to or removed from the PBS throughout the year. New listings happen after the Pharmaceutical Benefits Advisory Committee (PBAC) recommends them and the government agrees to fund them.

When a medication first comes off patent and generic versions become available, the PBS price usually drops. This saving flows through to the government rather than to you directly, but it means more medications can be funded overall.

If you take regular medications, check your costs at the start of each year. The PBS Safety Net can also reduce what you pay once you hit a spending threshold.