U.S. companies face few trade barriers in New Zealand, though the U.S. pharmaceutical industry has raised concerns over market access.  Since the creation of the Pharmaceutical Management Agency (PHARMAC) in 1993, some U.S. pharmaceutical firms have scaled back or exited due to PHARMAC’s role as the primary buyer of pharmaceuticals. This involves managing subsidies, setting funding levels, and negotiating prices for over 2,000 medicines listed in its Pharmaceutical Schedule. PHARMAC also oversees hospital drug purchasing, medical equipment, and the Exceptional Circumstances program for rare conditions, all within a budget set by the Minister of Health.

The Therapeutic Products Bill, introduced in August 2023 was repealed in December 2024.  The government has begun to engage with industry to develop new regulatory frameworks for medicines, medical devices, and natural health products, updating the existing Medicines Act of 1981 and Dietary Supplements Regulations of 1985.