MILLIONS of prescriptions for common medicines, treating everything from cholesterol to high blood pressure, have dropped in price for consumers by as much as $20 - or 60 per cent - many for the first time.

In an Australian first, the price of a large proportion of expensive combination medicines and patent-protected drugs listed on the Pharmaceutical Benefits Scheme have dropped, in addition to the annual April changes.

This will see the total number of medicines taking a price reduction skyrocket to over 400, more than quadruple the usual number at this time of year.

With one-in-five Australians now living everyday with multiple chronic conditions like heart disease, high blood pressure, eye disease and depression, this could save patients as much as $500 per year.

There will be further price reductions of as much as 50 per cent or more coming for consumers in October 2016.

Consumers will see a direct reduction in the cost of over 60 common medicines priced below the general $38.80 co-payment as part of the April round of price disclosure.

This includes a number of more expensive combination medicines dropping by as much as $20 below the patient co-payment for the first time.