Scott Morrison makes an election pledge that Australians will save $150million a year on medications

Scott Morrison has pledged to cut the price of medications listed under the Pharmaceutical Benefit Scheme (PBS).

The federal coalition has pledged to cut the cost of medications for everyday conditions such as blood pressure and high cholesterol under a $150 million cost-of-living measure that will benefit millions of Australians.

Prime Minister Scott Morrison on Saturday announced the price of medications listed under the Pharmaceutical Benefit Scheme (PBS) would be cut from January 1 next year.

The $10 savings per script would see the price of PBS medicines drop from $42.50 to $32.50 and would ease the hip-pocket pressure on more than 19 million Australians each year, he said.

The measure would save Australians $150 million each year.