The cost of medicines to treat diabetes, cancer, arthritis, asthma and eye disease will be slashed next week under a massive new round of Turnbull government subsidies.

The government will add 11 drugs to the Pharmaceutical Benefits Scheme on April 1, saving Australian patients thousands of dollars, Health Minister Greg Hunt says.

The focus of the listings is a range of new and improved treatments for diabetes, a disease that afflicts up to 1.7 million Australians, with 280 new cases every day.

Health Minister Greg Hunt says thousands of Australians will benefit from the new drug subsidies. Credit:Andrew Meares

Toujeo, a new high-strength and longer-lasting form of insulin glargine that reduces night-time hypoglycaemia will benefit up to 178,000 people each year. Without subsidised access, they would pay around $1820 a year.