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Associate Health Minister David Seymour announced the appointment on Sunday morning.
"Pharmac is a critical part of New Zealand's health system and plays a significant role in ensuring that Kiwis have the best possible access to medicines," Seymour said.
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"As chair, Bennett will lead the Pharmac board in their role of managing the pharmaceutical schedule and driving greater efficiencies and access to medicine for New Zealanders."
Many ex national MP's are being given major positions inside govt agencies and thousands are losing their jobs
Seymour said he was confident Bennett had the right leadership and decision-making skills for the role.
Bennett brings a wealth of experience to this role, with extensive experience in governance and organisational change."
During her 15-year political career, Bennett served as deputy prime minister under Sir Bill English and a Cabinet minister with portfolios including social development, associate finance, state services, social housing, police, local government, and tourism.
Here we go again. Former Deputy PM Paula Bennett appointed Pharmac board chair https://t.co/BM8zOBXJ0I
— Maria Sherwood (@MariaSherwood2) April 27, 2024
Seymour said Pharmac board chair was an important role.
"Globally, changes in medicine are making them more useful and presenting new opportunities for our health, while at the same time presenting new challenges that need to be navigated."
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Former Pharmac board chair Steve Maharey, who was previously a Labour minister, resigned from the role - and as the board chair of the Accident Compensation Corporation - in December last year.
Seymour thanked acting chair Dr Peter Bramley for serving in the role during the search for a replacement.
He said Bramley would remain as a Pharmac board member.
Bennett will start in the role on 13 May.
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