The cost of prescription medications will drop for the first time in 75 years in a few months.

The federal government will today introduce legislation to reduce the price of a script by 30 per cent.

The maximum cost of a drug listed on the Pharmaceutical Benefits Scheme will be $30, reduced from just over $42.

The new rate will come into effect from January 1, 2023 and will cost the federal government $765 million over the next four years.

Labor made the pledge to reduce medicine costs during its election campaign.

Press PLAY below to watch the Prime Minister make the announcement

#LIVE: Prime Minister Anthony Albanese is addressing the media in Canberra. #9News https://t.co/uAmT1I457M

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