99ACNACatch‑up price reduction for certain drugs—meaning of previous price reduction under this Division

#### 99ACNA Catch‑up price reduction for certain drugs—meaning of previous price reduction under this Division (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.