A breakthrough new drug aimed at treating HIV patients is almost certain to be approved for federal subsidies this week.

Hopes are high in the LGBTIQ community as the Pharmaceutical Benefits Advisory Committee will meet on Friday and it is hoped it will issue a long-awaited "positive recommendation" for drug Truvada, commonly known as PrEP.

Reports suggest that Health Minister Greg Hunt will move quickly to list the drug on the Pharmaceutical Benefits Scheme. This will bring the price of the drug down from as much as $10,000 a year down to just $39.50 per script or less than $500 a year.