Keytruda and similar immunotherapy drugs being used to trigger the immune system to fight cancer. They are being described as the most important medical discovery since penicillin.
Mr Frazier said the Australian government was paying too much for older drugs, which made it difficult to introduce new medicines such as this new melanoma drug.
He also pointed out that, according to an OECD report, Australia ranked 18 out of 20 developed countries for access to new medicines.
Keytruda will be available on the PBS from September 1 and only for melanoma patients, although it has been used elsewhere to treat lung cancer.
Federal health minister Sussan Ley says the government, which is investing $57 million to subsidise Keytruda, will likely increase funding in the coming years given Australia’s high cancer rates.
AFR research found four out of five people rated healthcare as the most important issue for voters, but only 2 per cent could describe the federal government’s performance in this area as “very good”.
Former Melbourne lord mayor Ron Walker, who accessed the drug from the United States under a test scheme, said the treatment saved his life.
“I was a walking person that was going to die, and with this drug I came back to life again within a year, so it’s [had] an amazing effect on me and it’s having the same effect on others,” he told the ABC.
“It’s an amazing drug, it’s a huge step forward and I think that most countries around the world would be applauding what the Australian Government’s done for patients.