Current laws prevent the advertising of medicines in New Zealand that haven’t been approved by the country’s medicine safety authority, Medsafe.
This includes showcasing medicines at conferences. With sponsors and exhibitors a key revenue stream for conferences, changing regulations could make a significant financial difference for organisers of medical meetings.
“New Zealand’s prohibition on advertising medicines yet to be consented by Medsafe is a barrier to New Zealand’s ability to host medical conferences and trade shows,” said New Zealand’s regulation minister, David Seymour.
“The opportunity cost of New Zealand missing out on these is huge.
“Prohibition was introduced in response to the perceived risk that pharmaceutical companies may attempt to circumvent formal medicine approval processes. The Ministry for Regulation has investigated and found this overly cautious approach is out of step with other recognised jurisdictions and is not proportionate to the perceived risk.
“Other nations like Australia, Canada and the European Union allow advertising to generate revenue and provide medical professionals with information on cutting edge medicines. New Zealand doesn’t need to be left behind because of outdated red tape,” said Seymour.
Business Events Industry Aotearoa (BEIA), which has been advocating for the change for years, applauded the decision to reform the regulation of medical advertising.
“The global business events industry is worth US$2.1 trillion, and the medical and pharmaceutical sector is the second largest user of conferences to connect, educate and inform professionals,” said BEIA chief executive, Lisa Hopkins.
“By finally removing this barrier, New Zealand can now proactively approach those medical associations who in the past have taken New Zealand off their list because of this prohibition.”
“BEIA has not been alone in fighting for this change.
“We are grateful for the tremendous support from Medicines NZ, who worked closely with BEIA on this issue and have also been ardent campaigners, as well as for the support of Business NZ. This helped convince the government to recognise the value of medical conferences and is a great example of multiple associations working together for a mutually beneficial outcome,” she said.
WellingtonNZ has also welcomed the coming change.
“Previously, New Zealand cities have been struck from feasible location lists due to the prohibitions, but the government’s newly announced laws will now mean that we are back on the map,” said WellingtonNZ general manager, David Perks.
“Wellington’s proximity to both central government and the nation’s key medical associations makes it the optimal choice for international conferences and events in the medical and pharmaceutical industries.
“Medical conferences are crucial to Wellington’s business event industry, providing significant economic and educational benefits – this change in regulation allows Wellington to attract conferences from Australia and further afield that could previously not come to the city.
“This will not only boost the local economy but also position Wellington as a key player in the global medical conference circuit,” said Perks.
