New Zealand to fully subsidize Abbott Lab’s Ferrograd

6 January 2014

New Zealand’s Pharmaceutical Management Agency PHARMAC has approved an agreement with the local subsidiary of US drugmaker Abbott Laboratories (NYSE: ABT) to fully subsidize Ferrograd, its brand of ferrous sulphate in Section B and list ferrous sulphate in Part II of Section H of the Pharmaceutical Schedule.

The drug is used for the treatment of iron deficiency anemia. The decision was the subject of a consultation letter dated November 15, 2013. In summary, the effect of the decision is that:

The subsidy for ferrous sulphate (Ferrograd), in the 30 tablet pack size will be increased from NZ$1.01 to NZ$2.06 ($1.71) and the price will be decreased from NZ$4.26 to NZ$2.06, from February 1, 2014, which will result in Ferrograd in the 30 tab pack being fully funded.
The 150 tablet pack size of Ferrograd will be delisted from July 31, 2014.

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