Pharmac investments

OIA response

9 July 2021

Dear [name and contact details withheld] 

Request for information

Thank you for your request dated 22 June 2021 under the Official Information Act 1982 (OIA) for information relating to PHARMAC’s investments. You requested: 

Details of all of Pharmac's active non-pharmaceutical investments, including a description of each investment, the date entered into and the value in NZD as at 08 June 2021. 

In your email to us on 21 June 2021, you advised that you would like information regarding where Pharmac invests its money as per the Annual Report – i.e. the Legal Risk Fund etc.

A summary of Pharmac’s investments as at financial year ending 30 June 2020[1] is included in the financial statements in our Annual Report for financial year 2019/20.

Please note, these investments are made using funds from Pharmac’s Operating Budget. The Operating Budget is separate from the Combined Pharmaceutical Budget (CPB).

Money allocated to the Operating Budget cannot be used for funding pharmaceuticals and vice versa. Further, Pharmac’s Legal Risk Fund is a ring-fenced fund which can only be used to initiate or defend legal action to which Pharmac is a party. Any spending from this fund needs to be approved by Pharmac’s Board in accordance with the Use of Legal Risk Fund Policy which can be found on our website within the 2019 Board Governance Manual: > About > Who we are > Our Board 

The ‘Statement of financial position’ on page 72 of the Annual Report notes our investments under ‘Current assets’ and ‘Current assets associated with Restricted reserves’. ‘Note 7: Investments’ on page 86 of the report (‘Notes to the financial statements’) shows a summary of the term deposit holdings as at the end of the 2019/20 financial year. 

We have provided information in response to your request from our Statement of Financial Position as at 31 May 2021. We do not hold information about the specific balance of our investments as of 8 June 2021 however any change in balance between 31 May and 8 June 2021 is expected to be nominal. 

Pharmac investments as at 31 May 2021


Date entered

Maturity date


Term deposit maturing within 3 months




Term deposit maturing within 3 months




Term deposit maturing in more than 3 months, less than 1 year




Term deposit maturing in more than 3 months, less than 1 year




Term deposit maturing in more than 3 months, less than 1 year




Legal risk fund term deposit maturing within 3 months




Legal risk fund term deposit maturing in more than 3 months, less than 1 year




We trust that this information answers your queries. We are making our information more freely available, so we will now publish selected OIA responses (excluding personal details) on our website. Please get in touch with us if you have any questions about this.

Yours sincerely

Rachel Read
Manager, Policy and Government Services 

[1] PHARMAC’s financial year runs from 1 July to 30 June.