Experts Agree NZ Firms Will Suffer Under Trans Tasman Regime

In reports presented to the Health Select Committee today, two leading economists agree that New Zealand complimentary medicine firms will suffer if Government goes ahead with a joint Trans Tasman regulatory regime.

NZIER and Philip Donnelly & Associates reports were commissioned by parties on opposite sides of the debate, but both agreed a joint regime would see;

more NZ firms move to Australia

prices for complimentary medicines increase to customers

significant job losses as small firms shut down in New Zealand

and more economic benefit for Australia than New Zealand.

Amy Adams, spokesperson for the New Zealand Health Trust, said that the industry was united in its desire to see the sector regulated properly, but the proposal favoured by Government would be a disaster.

“It’s extremely dangerous to give up all responsibility for regulating complimentary medicines, and to leave it in the hands of an Australian body that we don’t control,” she said.

“In addition to the economic disadvantages for New Zealand, a report by a top constitutional lawyer suggests there would be significant difficulties in implementing the proposal.

“We don’t want the sector to be sacrificed before Government works out that the joint regulation proposal simply won’t work. By then it could be too late for hundred of small New Zealand businesses, employees and consumers.”