Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Price competition saves drug money

Media Release

Price competition saves drug money

PHARMAC says a vigorous competitive market in New Zealand has halved the price of a costly anti-ulcer drug over the past three years.

Chief Executive Officer Wayne McNee says the supplier of pantoprazole (Somac) has just reduced its price to the newly agreed price of its competitor omeprazole (Losec).

The drugs, called proton pump inhibitors, are used to treat severe acid stomach problems.

“These drugs are still costly, but competitive pressures mean the taxpayer will now pay $1 a day per patient for them instead of the $2 a day in 1998.”

Earlier this month pharmaceutical company AstraZeneca reached an agreement with PHARMAC, which lowered the price of omeprazole and it regained its status as a fully subsidised medicine.

Now Pharmacia, the supplier of pantoprazole, has matched the lower price.

Wayne McNee says the result is very good news for patients, doctors and the taxpayer.

“Patients have always had access to an effective fully funded treatment, but these latest agreements will give them a choice.”

[ends]

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO:

Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>

ALSO: