Minister for Health announces €20 million in funding for new medicines in 2024
-
From: Department of Health
- Published on: 15 December 2023
- Last updated on: 15 December 2023
The Minister for Health Stephen Donnelly has announced €20 million in funding for new medicines in 2024.
This funding is in addition to the record almost €3 billion being spent this year on medicines. This represents nearly €1 in every €8 of public funding being spent on health. This unprecedented level of investment in our health services will support access for patients to the latest range of medicines.
Announcing the funding for new medicines, Minister Donnelly said:
"This new funding will support patients with cancer, to access exciting new therapies with the promise of greatly improved health outcomes. Many other clinical areas will benefit from this new funding announcement including chronic kidney disease, drugs used to treat auto-immune conditions as well as inherited and rare disorders."
The funding for new drugs will have a positive impact on the lives of thousands of patients. Thanks to the use of new horizon scanning technologies, patients in Ireland will now gain access to new, innovative therapies across a wide range of therapeutic areas.
Minister Donnelly said:
"While I have continued to ensure new investment year-on-year to support access to new medicines, much more needs to be done by all relevant parties to improve the sustainability of medicines expenditure. I have been clear that in 2024 there must be a focus on drug expenditure to ensure the safe, effective, and cost-effective use of medicines and the identification of new short and long-term opportunities to realise savings and efficiencies. As a starting point, I have asked the HSE to ensure it realises at least €10 million in new additional efficiency gains. This money will be re-invested in new drugs and will ensure that the substantial investment in medicines is maximised to treat even more patients with new therapeutic innovations in the years to come."
Going into 2024, the Minister has tasked the Health Service Executive (HSE), the department, and all relevant agencies and stakeholders to place a priority focus on achieving cost savings which can then be considered for additional reinvestment. This will include, for example, the examination of measures to enhance the use of generic and, in particular, biosimilar medicines.
Today’s new funding builds on the Minister’s announcement in Budget 2024 of a substantial investment in resources to enhance the HSE’s medicines pricing and reimbursement process. This is a recommendation of the working group established following the Minister for Health’s publication of the Mazars Report in February.
The additional capacity in the medicine’s approval process will allow agencies to operate to the fullest of their ability, providing timely and efficient evaluation of medicines for reimbursement, and importantly will also further support efforts to improve the sustainability of State medicines expenditure. This will ensure that this substantial public investment will support access to more medicines for more people.
The government’s investment in this suite of measures are essential tools for the State to deliver sustainability in the medicines budget.