Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of the application of section 99ACN to a brand (the relevant brand ) of a pharmaceutical item, previous price reduction under this Division means:
(a) a reduction, on or before the catch - up price reduction day, in the approved ex - manufacturer price of the relevant brand or another brand of the pharmaceutical item under this Division (expressed as a percentage) (other than a reduction attributable to section 99ACN); or
(b) in the case of a reduction, on or before the catch - up price reduction day, in the approved ex - manufacturer price of the relevant brand or another brand of the pharmaceutical item under subsection 99ACF(2)--the reduction in the approved ex - manufacturer price of the relevant brand or the other brand of the pharmaceutical item (expressed as a percentage) that would have occurred under subsection 99ACF(1) if paragraph (b) of that subsection were disregarded; or
(c) in the case of a reduction, on or before the catch - up price reduction day, in the approved ex - manufacturer price of the relevant brand or another brand of the pharmaceutical item under subsection 99ACR(4)--the reduction in the approved ex - manufacturer price of the relevant brand or the other brand of the pharmaceutical item (expressed as a percentage) that would have occurred under subsection 99ACR(3) if subsection 99ACR(4) did not apply; or
(d) a 12.5% administrative price reduction that applied, on or before the catch - up price reduction day, to the relevant brand or another brand of the pharmaceutical item.
(2) For the purposes of this section:
(a) a reduction in the agreed price of a brand of the pharmaceutical item is taken to be a reduction in the approved ex - manufacturer price of the brand of the pharmaceutical item; and
(b) a reduction in the determined price of a brand of the pharmaceutical item is taken to be a reduction in the approved ex - manufacturer price of the brand of the pharmaceutical item; and
(c) a reduction before 1 October 2012 in the approved price to pharmacists (within the meaning of this Part as it stood before 1 October 2012) of a brand of the pharmaceutical item is taken to be a reduction in the approved ex - manufacturer price of the brand of the pharmaceutical item.
(3) A reference in this section to the approved ex - manufacturer price of a brand of a pharmaceutical item being reduced under subsection 99ACR(4) is to be read as a reference to that subsection applying to the brand of the pharmaceutical item.
(4) A reference in this section to this Division includes this Division as in force at any time before the commencement of this section.
(5) In this section, the catch - up price reduction day is 1 April 2023.