Innovative medicines are those considered important enough to have expedited, breakthrough or priority assessments.
The findings were published in COMPARE (Comparison Access and Reimbursement Environments) which benchmarked Australia's access to new medicines from January 1, 2009 and November 30, 2014.
The study also highlighted how long it takes New Zealand to fund new medicines following approval by Medsafe. At 579 days, New Zealand had the second longest wait time for funding.
Pharmac chief executive Steffan Crausaz played down the findings.
"Our starting point is the list of medicines that are already funded, which is comprehensive," said Mr Crausaz. "Not all new medicines are advances on current treatments -- some are 'me-too' drugs or simply different brands of medicines already funded."
But medical oncologist and senior lecturer in medicine at the University of Otago Dr Chris Jackson said: "New Zealand has traditionally been slower to fund most drugs than other countries". As long as that remained the case, Dr Jakson said "people are missing out".
Dr Jackson said there are drugs funded elsewhere which aren't funded here which would help cancer patients "live longer and live better".
"There are medicines that have been proven to extend duration of life modestly that are funded overseas but not in New Zealand. Not many people would question that some drugs have some effect, but you could question whether they are cost effective. It's fair to say New Zealand does spend less on drugs and medicines than other countries.
Health Minister Jonathan Coleman said the Government had increased Pharmac's budget by $147m over the past six years.
"It's up to Pharmac to determine the best health outcomes that are achievable from their budget, which includes looking at what new treatments can be added," said Dr Coleman.
"Regardless of the level of budget, choices have to be made," said Mr Crausaz. "Pharmac's job is to ensure those choices provide better health for New Zealanders, are value for money, and affordable.
Dr Jackson said there is no clear timeframe in many cases as to when Pharmac would fund a medicine. Some medicines are rejected for funding outright but others are given low, medium or high priority. He said more clarity around timeframes would be helpful for patients.
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