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BMI View: New Zealand's Pharmaceutical Management Agency (PHARMAC) will continue to leverage its
dominant position as a central procurer of drugs in the country to drive cost savings. While the high
standards used by the agency in its funding decisions will make the process difficult, PHARMAC does
acknowledge innovation as reflected by the expedient approval of Opdivo (nivolumab). This accentuates the
need for multinational drugmakers operating in New Zealand to ensure that their treatments substantially
improve healthcare outcomes.
Headline Expenditure Forecasts
? Pharmaceuticals: NZD1.42bn (USD1.1bn) in 2015 to NZD1.4bn (USD986mn) in 2016; 1.2% in local
currency terms and -1.8% in US dollar terms. Slight downward revision based on new data while US
dollar value is due to currency fluctuations of the New Zealand kiwi.
? Healthcare: NZD27.4bn (USD19.1bn) in 2015 to NZD28.4bn (USD19.22bn) in 2016; 3.6% in local
currency terms and 0.5% in US dollar terms.