New Zealand and Australia have abandoned efforts to establish a joint therapeutic products regulator.
The decision to not go ahead with the Australia New Zealand Therapeutic Products Agency was made after a review of the costs and benefits to both countries, Australian Health Minister Peter Dutton and New Zealand Health Minister Jonathan Coleman said in a joint statement.
The two ministers said the countries would continue to cooperate on the regulation of health products "where there are mutual benefits for consumers, businesses and regulators in each country".
New Zealand and Australia would continue to cooperate in areas that would deliver mutual benefits to consumers, businesses and regulators - including developing a new information-sharing arrangement, and formalising mutual recognition of good manufacturing practice audits.
The ministers said this would increase the potential for regulatory alignment over time to reduce compliance costs.