The company’s latest report* forecasts New Zealand’s pharmaceutical market to reach a value of US$779m in 2020 from US$587m in 2012 – representing a Compound Annual Growth Rate (CAGR) of 4% – but revenue would be more impressive with a greater integration of multinational pharmaceutical firms.
PHARMAC, the body responsible for selecting which medications are subsidised for use in hospitals and communities across New Zealand, operates a system based on the issue of sole-supply contracts to applicants tendering the lowest bid. This has resulted in a pharmaceutical landscape with a significant portion of low-cost, often generic, products. However, while opening up the population’s access to low-priced medicines, the strategy has alienated much of Big Pharma and restricted the growth of New Zealand’s healthcare industry.
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However, GlobalData expects an expanding elderly population to prove an important factor contributing to the country’s healthcare sector revenue, due to the larger amount of care they tend to require. Between 2012 and 2020, New Zealand’s population is expected to increase moderately at a CAGR of 0.6%, from 4.4 million to 4.6 million, but the portion of the population aged 65 and older is forecast to climb from 13.6% to 16.2% during the same period.
This report provides information on New Zealand`s healthcare, regulatory and reimbursement landscape.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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