The drug Nubeqa, or darolutamide, will be listed on the Pharmaceutical Benefits Scheme from Monday.
The pill can be used by men who've got prostate cancer that hasn't spread but is castration-resistant, that is, symptoms continue to worsen, cancer continues to grow or the antigen level increases, despite lowered testosterone levels from hormone therapy.
It normally costs more than $40,000 per year, now with the subsidy, patients will pay up to $41.30 per script.
The medication works to starve cancer cells of the hormones they need to grow and divide, says manufacturer Bayer Australia.
"This medicine offers an earlier line of treatment, allowing doctors to treat prostate cancer that no longer responds to traditional testosterone-lowering treatment is likely to spread," said Associate Professor David Pook, a medical oncologist at Melbourne's Cabrini Hospital.
"We no longer need to wait until we can see cancer spots on CT scans and bone scans before we initiate treatment.
"We now have the option to act earlier with the goal of delaying the spread of prostate cancer."
Prostate cancer is the second most common cancer diagnosed in Australian men and the third most common cause of cancer death.
It's more common in older men.
Early detection and treatment can significantly improve prostate cancer survival, said Health Minister Greg Hunt.
He encouraged men over 50 to learn the symptoms and talk to their GP if they have any concerns.
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