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The Medical Device Market: New Zealand
Espicom Business Intelligence Ltd, Oct 2011, Pages: 54
With a population of just over four million, New Zealand is a small but highly developed medical device market in the South Pacific. Much of the population is concentrated in the major urban areas of Auckland, Christchurch and the capital, Wellington.
There is very little domestic production of medical equipment. The one major player, Fisher & Paykel, operates in a few niche areas and anyway tends to concentrate on export markets. The domestic market is heavily reliant on imports, therefore. The USA and Australia are the major sources of imports.
The healthcare sector is funded largely by the government, which is responsible for around 78% of expenditure. Healthcare provision, however, is much more evenly split between the public and private sectors.
The past 20 years has seen a series of reforms aimed at improving efficiency. Market-inspired reforms of the hospital sector in the 1990s did not lead to any widely-perceived improvements, but did create a major debt problem for the public sector. The 1999-2008 government reversed much of these reforms through the creation of District Health Boards, but the debts have remained. The re-election of a National government in 2008 has seen a continued focus on improving efficiency and increased spending on healthcare at the same time.
In 2010, the government announced an additional NZ$2.1 billion (US$1.5 billion) investment in health priorities over the next four years, which includes an extra NZ$512 million (US$357 million) for fiscal 2010/11. Health Minister Tony Ryall said the District Health Boards will directly receive NZ$1.4 billion over four years and will also receive a large share of the extra funding going to targeted initiatives such as elective surgery and medicines.
New Zealand was due to create a merged regulatory system for devices and drugs in 2007, through the merger of Medsafe with the Australian Therapeutic Goods Agency. This has been abandoned for the time being, however, due to a lack of support in the New Zealand parliament.
Includes 3 quarterly updated outlook reports!
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