The Price of Ketamine in Australia: A Complete Cost Guide for Legal Treatment and the Illicit Market

The price of ketamine in Australia varies dramatically depending on the access pathway. The legal esketamine nasal spray (Spravato), now listed on the Pharmaceutical Benefits Scheme, costs just $31.60 per dose, or as little as $7.70 for concession card holders. However, this is only the medication cost. Consequently, patients still pay hundreds of dollars per session for supervision and administration, and these fees are not reimbursed. Meanwhile, illicit market ketamine presents an entirely different pricing picture, accompanied by serious legal risks.

Legal Medication Prices After the PBS Subsidy

Esketamine nasal spray (Spravato) is the only TGA-approved ketamine-based product for treatment-resistant depression in Australia. Before it was listed on the PBS on 1 May 2025, a single dose cost between $500 and $900.

After the PBS listing, the prescription cost for general patients is capped at $31.60, while concession card holders pay only $7.70. The PBS safety net threshold is $25.00, meaning once a patient’s annual out-of-pocket expenses reach that level, subsequent costs decrease further.

The Overlooked Supervision Fees: The Real Cost Barrier

The PBS subsidy only covers the medication itself. Administration and monitoring service fees are not covered by Medicare or private health insurance. Patients must bear these costs themselves at every treatment session.

According to Epworth Clinic’s public information, the procedure fee per session is $340, and it explicitly states that “this fee is not covered by Medicare or private health insurance.” Daintree Psychiatry charges $320 per 60-minute esketamine administration session, including medical supervision and monitoring, also noting that “no rebate is available.”

Professor Colleen Loo, a clinical psychiatrist in Sydney and researcher at UNSW and the Black Dog Institute, notes that supervision fees are approximately $300 to $400 per treatment session. This represents nursing and pharmacy staffing costs, including the two-hour monitoring period after dosing under nurse supervision, but excludes the medication cost. In a radio interview, Professor Loo explained the dilemma: “The government did subsidise the nasal spray version of ketamine through the PBS, but the supervision costs—the clinical care you need—come out of pocket. There’s two hours of careful monitoring after each treatment, so there are all the clinic treatment costs on top of the medication cost. That typically runs into a few hundred dollars because it requires a specialised setup and a trained team, and that is not covered by Medicare and private health insurance funds.”

Generic Ketamine: Cheap Drug, But No Subsidy for Service Fees

Generic racemic ketamine has a medication cost of only $5 to $20 per dose, far lower than esketamine. However, because the TGA has not formally approved it for treatment-resistant depression, it can only be used off-label.

The key problem is this: there is no Medicare Benefits Schedule (MBS) code to cover the staffing costs for generic ketamine treatment. Therefore, while patients benefit from an extremely low medication price, they still bear the full supervision service fees, which are identical to those for esketamine.

Professor Loo commented: “There’s a huge difference in costs, but both have been shown to be really effective. But only one is subsidized by the government and formally approved, while the other more affordable option is used off-label.”

Illicit Market Ketamine Prices

For non-prescribed ketamine, pricing data comes primarily from law enforcement seizure valuations. Several 2026 seizure cases provide price references:

• April 2026: An operation in Cranbourne East, Melbourne, seized approximately 1 kilogram of ketamine, valued at approximately $40,000, equating to approximately $40 per gram.
• June 2026: A traffic stop in the Manning-Great Lakes region seized approximately 20 kilograms of ketamine, valued at approximately $1 million, equating to approximately $50 per gram.

These valuations indicate that wholesale illicit ketamine prices are approximately $40 to $50 per gram. However, these prices are highly unstable, and there is no quality assurance whatsoever. According to the NDARC ACT report, median price data for non-prescribed ketamine is continuously monitored, but specific figures require reference to the full report.

Why Legal Treatment Costs Matter So Much

In a radio interview, Professor Loo revealed the severe consequences of this cost dilemma: “I wanted ketamine treatment but I couldn’t afford the clinic fees—that could be $300 per treatment session. I’m going to go to the black market and buy it because it’s not a funded treatment.” This phenomenon explains why some Australians turn to the illicit market to obtain ketamine to alleviate their depressive symptoms.

Professor Loo has been sharply critical of the current cost structure: “Australian public patients with difficult-to-treat depression are not having the treatment that is optimal for them because of cost. It is cost that is determining what they have, not clinical judgment.”

Summary

The legal price of ketamine in Australia exhibits a typical pattern of “cheap drug, expensive service.” The PBS-subsidised esketamine medication cost is only $31.60 per dose, but the $320 to $340 per session supervision fee is an unavoidable actual expense for patients. Generic ketamine’s medication cost is as low as $5 to $20, but it faces the same problem of unsubsidised service fees.

Illicit market ketamine prices, based on 2026 seizure data, are estimated at $40 to $50 per gram. However, prices are unstable and carry serious legal risks. For patients seeking treatment, discussing legal treatment pathways with a psychiatrist is the only safe and sustainable option.