The Medicine Gap and the Power of Insurance
Despite its public health offering, New Zealand still falls desperately short when it comes to funding many life-saving medicines for Kiwis. In response to this, The Medicine Gap was created.
A dedicated group of concerned New Zealanders, The Medicine Gap is on a mission to draw attention to the escalating medicine crisis in the country, aiming to be a collective voice for thousands of sick and vulnerable New Zealanders who cannot afford life-transforming or life-saving drugs.
Their website is full of staggering statistics, including the fact that of the 403 modern medicines made available between 2011 and 2018, only 6% were publicly funded in New Zealand.
This means that New Zealand now ranks at the bottom among developed nations in terms of per-capita spending on modern medicines. It’s shocking to note that countries like Mexico, Colombia, Latvia, and Belarus outpace New Zealand in accessing breakthrough modern medicines to treat various debilitating diseases.
One of the most distressing consequences of this underfunding is the growing waiting list for prioritised modern medicines, which are MedSafe-approved and recommended for funding by Pharmac's clinical advisory panel. The average time an approved medicine remains on the waitlist in New Zealand is 4.7 years—a delay that has dire consequences, as New Zealanders are literally waiting for life-saving and life-transforming medicines, sometimes with fatal outcomes.
The Role of Insurance
In light of The Medicine Gap's concerning statistics, insurance emerges as a crucial pillar of support for individuals and families in New Zealand. Here's why:
Financial Security: Insurance offers a safety net for unforeseen medical expenses. With the rising cost of healthcare, having a comprehensive health insurance plan can help ensure that you or your loved ones receive the necessary treatment without facing crippling financial burdens.
Timely Access to Medicines: Insurance can cover the cost of medicines that may not be funded by the government. In the face of lengthy waiting lists and unmet medical needs, insurance can provide access to life-saving drugs when they are needed most.
Peace of Mind: Knowing that you have insurance to fall back on can bring peace of mind during health crises. You can focus on recovery rather than worrying about how to pay for medical bills.
While the government grapples with the challenges of funding for life-saving medicines, health insurance is an essential tool for personal and financial security, helping to bridge the gap and provide timely access to treatment. It's a stark reminder that insurance is not just about protecting your assets; it's about safeguarding your health and the health of your loved ones in times of need.
If you’d like more information about how health insurance can make a difference for you and your family, book in a free, no-obligation meeting with our friendly advisers now.
You can also read the powerful, ever-growing stories about the impact of Pharmac’s shortcomings on everyday Kiwis and check out the eye-opening statistics at themedicinegap.co.nz.
