News of the Day

The new managing director succeeds Rob Hetherington who recently retired from the company having led its local business for 11 years.

New savings measures appear inevitable under the cost-offset policy given the government will need to find over $500 million from within the PBS or wider health portfolio every year to fund its policy commitment on PBAC recommendations.

Health technology assessment and pharmacoeconomic evaluation were the key pillars of PBS decision-making for several decades but other factors are now playing a significant role in determining what medicines make it onto the PBS.

Has the PBAC voluntarily adopted its own version of opportunity cost in its decision-making? Or, has it been at the direction of government? It may not matter - the outcome is the same because 'opportunity cost' is just the rhetorical form of rationing.

Australia played a leading role watering down a resolution at the recent World Health Assembly that may have required the international sharing of confidential net PBS prices.

MSD's Michael Azrak discussed industry's approach to a review of National Medicines Policy, supply chain payment refrom and the importance of special pricing arrangements to patient access.

The Department of Health has confirmed a four-year term for the industry nominated member of the Pharmaceutical Benefits Advisory Committee.

Should we accept the current underpinnings of PBS decision-making, such as health technology assessment and cost-effectiveness, or do these concepts need to be challenged given the emergence of new technologies, convergence and personalised medicine?

Yet how will our system contemplate funding high-cost therapies that deliver potentially curative benefits over such a wide range of years - from 5 to 75 years.

The PBAC deputy chair and consumer representative said patients are "front and centre" of the current National Medicines Policy and she would not want to "lose anything if we tinker with it" through the pending review.

Mr Bowen, who served as shadow treasurer for the past six years and shadow minister for small business since 2018, will succeed Catherine King in the all-important portfolio.

"Announcements in the budget today show the Government doesn’t believe New Zealand patients need better access to medicines," said Medicines New Zealand in a statement in response to the budget.