From January the 1st, 2016, paracetamol, antacids, aspirin and some other basic medicines will no longer be subsidised by the federal government.
Health Minister Sussan Ley says the move will remove 17 types of prescription drugs from the Pharmaceutical Benefits Scheme (PBS).
They will, instead, be available over-the-counter. Some drugs affected by the change include paracetamol tablets such as Panadol Osteo and Panamax, antacids such as Mylanta, skin-allergy creams and constipation medications.
The decision follows advice from the independent Pharmaceutical Benefits Advisory Committee, with an expected saving of half a billion dollars of taxpayers funds, over five years.
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