NZ$124 million hike over four years for investment in new medicines in New Zealand

6 May 2016

The New Zealand government is increasing funding for its drugs procurement agency amid claims that medicine costs will rise under the controversial 12-nation Trans-Pacific Partnership trade agreement.

An extra NZ$39 million ($26.9 million) will be invested in the 2016-2017 fiscal year to enable the Pharmaceutical Management Agency (PHARMAC) to provide New Zealanders with access to new medicines, Health Minister Jonathan Coleman said in a statement Wednesday. The funding boost, which would extend to an extra NZ$124 million over four years, would bring PHARMAC's annual budget to a record NZ$850 million, he noted.

Welcomed by NZ pharma trade group

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