(1) This section applies to a brand of a pharmaceutical item on a 5% price reduction day if:
(a) the drug in the pharmaceutical item is on F1 on the 5% price reduction day; and
(b) the 5% price reduction day is on or after the fifth anniversary of the drug being a listed drug; and
(c) the approved ex - manufacturer price of a brand of a pharmaceutical item that has the drug has not been reduced under subsection 99ACF(1) or (2) because of repealed section 99ACH on a previous 5% price reduction day.
(2) In this section, each of the following is a 5% price reduction day :
(g) 1 April 2022.