Opdivo added to Australia's PBS, making it one of the biggest ever listing

Australia’s Health Ministry says that Bristol-Myers Squibb’s (NYSE: BMY) Opdivo (nivolumab), a revolutionary new medicine for lung and renal cancer, has been listed on the Pharmaceutical Benefits Scheme (PBS).

It is a significant new treatment which can extend life and improve quality of life for patients, and it is more effective and safer than current therapies. As a result of the listing, effective August 1, more than 4,500 Australians will benefit each year from the drug.

At a cost to government of around A$1.1 billion ($880 million), it is one of the largest ever listings on the PBS.

The PBS listing means that patients will pay only a maximum of A$38.80 per treatment phase for the medicine, with concessional patients paying just A$6.30. Without subsidy, the medicine would cost a patient more than A$130,000 per year.

Since coming into government, the Coalition has helped improve the health of Australians by adding A$7 billion worth of medicines to the PBS, the ministry statement noted.