Document ID: chunk:federal_register_of_legislation:C2007A00111:clause:1_99ack
Version: federal_register_of_legislation:C2007A00111
Segment Type: clause
Provision Reference: sch 1 cl 99ACK
Character Range: 59392–60783

99ACK  25% statutory price reduction phased over 2 or more days

 (1) This section applies to a listed brand of a pharmaceutical item on a reduction day if:
 (a) on the day before that day, a price agreement or a determination under section 85B is in force in relation to the brand of the pharmaceutical item; and
 (b) the drug in the pharmaceutical item is in Part T of F2 on 1 August 2008; and
 (c) the pharmaceutical item is not an exempt item on the reduction day.

 (2) The regulations may prescribe, for the purposes of this Division, a listed brand of a pharmaceutical item.

 (3) For each brand of a pharmaceutical item prescribed under subsection (2), the regulations may prescribe:
 (a) 2 or more reduction days; and
 (b) for a reduction day:
 (i) a percentage of the determined price, or agreed price, in force in relation to the brand of the pharmaceutical item on 31 July 2008; and
 (ii) if a determination under section 85B was in force in relation to the brand of the pharmaceutical item on the day before the reduction day concerned and on the reduction day concerned—a percentage of the claimed price in force in relation to the brand of the pharmaceutical item on the day before the reduction day concerned.

 (4) The percentages prescribed for each brand of the pharmaceutical item must not total more than 25%.

Division 3B—Price disclosure

Subdivision A—Preliminary