Document ID: chunk:federal_register_of_legislation:C2012A00087:clause:1_75
Version: federal_register_of_legislation:C2012A00087
Segment Type: clause
Provision Reference: sch 1 cl 75
Character Range: 41848–44169

75  The claimed price on the commencement day
(1) For the purposes of item 74, the claimed price for a quantity of the relevant brand of the pharmaceutical item on the commencement day is worked out as follows.

Step 1—Identify the claimed price and relevant quantity
(2) Identify:
 (a) the amount (the old claimed price) specified in a determination in force under subsection 85B(3) of the old Act in relation to the relevant brand of the pharmaceutical item on the day before the commencement day; and
 (b) the quantity (the relevant quantity) by reference to which the claimed price of the brand of the pharmaceutical item was determined.

Step 2—Identify the old determined price for that quantity
(3) Identify the amount (the old determined price) specified in a determination in force under subsection 85B(2) of the old Act in relation to the relevant quantity of the relevant brand of the pharmaceutical item on the day before the commencement day.

Step 3—Identify the new price for that quantity
(4) Identify the amount (the new price) for the relevant brand of the pharmaceutical item, which is:
 (a) if, on the commencement day, the relevant quantity is a pricing quantity of the brand of the pharmaceutical item—the approved ex‑manufacturer price of the relevant brand of the pharmaceutical item on the commencement day; and
 (b) if, on the commencement day, the relevant quantity is not a pricing quantity of the brand of the pharmaceutical item—the proportional ex‑manufacturer price for that quantity of the relevant brand of the pharmaceutical item on the commencement day worked out under section 85D of the new Act.

Step 4—Work out the percentage difference
(5) Work out the percentage (the relevant percentage) by which the new price is greater or lesser than the old determined price.

Step 5—Work out the claimed price
(6) The claimed price for the relevant quantity of the relevant brand of the pharmaceutical item on the commencement day is:
 (a) if the new price is greater than the old determined price—the old claimed price increased by the relevant percentage; and
 (b) if the new price is less than the old determined price—the old claimed price decreased by the relevant percentage; and
 (c) if the new price is the same as the old determined price—the old claimed price.

Division 5—Other