Investment in medicines highest in PHARMAC history
A surge in the medicines budget over the past three years, combined with New Zealand’s health regulatory agency PHARMAC’s savings programs, has seen PHARMAC investing heavily in new medicines.
In its Annual Review, released this week, PHARMAC reports that it funded 39 new medicines in 2010/11 financial year, and widened access to 43. In the previous year, it provided new or widened access to 45 medicines - a total of 127 medicines with new or widened access in two years. This was achieved even with large increases of around 7% in the volume of existing medicines subsidized.
Spending on community medicines (the portion PHARMAC is responsible for) rose to NZ$706.1 million ($544.9 million) in 2010/11, and this funded 39.7 million prescriptions. In all, PHARMAC estimates more than 260,000 people will benefit from decisions made during 2010/11 in a full year.
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