New Zealand vs. Australia medicine consumption data.
The New Zealand pharmaceutical market is one of the major pharmaceutical markets of the Southwestern Pacific region that increased from $0.7B in 2011 at a Compound Annual Growth Rate (CAGR) of 8% to $1.02B in 2019, and is forecast to reach about $1.56B in 2025. New Zealand’s medicines expenditure per capita in 2019 stands at $4211.05 compared to Australia at $5,427.46, Canada at $5,048.37 and the UK at $4,312.89.
Current health expenditure (% of GDP) in NZ stands at 9.74%, Australia at 9.91%, Canada at 10.84%, and the UK at 10.15%.
However, despite the ongoing growth in its market value and in expenditure per capita, the supply side of the New Zealand pharmaceutical market has been defined as an oligopolistic structure. Since the local manufacturing base is small and production is insufficient, many pharmaceuticals are imported from European, Australian and North American manufacturers. The New Zealand pharmaceutical market is dominated by its public health system, so the public funding system may be attractive for the pharmaceutical industry.
In addition, New Zealand has one of the highest proportions of generic medicines by volume (third out of 26 OECD countries).
Since the introduction of the use of generic drugs instead of their originators is an effective way to rationalize healthcare, generic pharmaceutical industry will be an important part of the drug policy in New Zealand in the near future.
We are happy to announce that Pharma14 has added New Zealand to its platform, now showcasing medicine data, pricing and consumption information of 68 countries throughout Europe, northern and southern America, Asia and the southwestern pacific region.
Sample data: Comparing Lenalidomide consumption. New Zealand vs. Australia
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