The New Zealand and Australian governments said Thursday they had abandoned a proposal for a joint regulator of therapeutic products, but agreed to continue exploring regulatory harmonization of other health products.
The health ministers of the two countries issued a joint statement saying the decision to abandon the proposed the Australia New Zealand Therapeutic Products Agency was taken following a comprehensive review of progress and assessment of the costs and benefits to each country.
New Zealand Health Minister Jonathan Coleman said the government would upgrade New Zealand's own therapeutic products regulation.
"It is important we modernize our regulation of medicines. There are benefits in bringing medicines, devices, cell and tissue therapies under a single cost effective regulatory framework," Coleman said in a statement.
"Other countries are increasingly looking for assurances about health and safety of therapeutic products. We are committed to maintaining standards in line with international best practice."
New Zealand and Australia would continue to cooperate in areas that deliver mutual benefits to consumers, businesses and regulators, including developing a new information sharing arrangement and formalizing mutual recognition of good manufacturing practice audits.
Moves towards a joint regulator of medicines and medical products began in 2011 as a means to reduce costs for the two governments and for industries doing business in both countries.