Pharmac funded 39 new medicines last financial year, which ended in June.
In its annual review, the State drug-buying agency says it provided new or widened access to 127 medicines over the past two years.
It says this was achieved by a surge in the medicines budget, combined with its own savings.
Spending on community medicines rose to $706 million, which funded 39 million prescriptions.
Pharmac says it funded some cancer medicines that can be taken at home, rather than hospital.
It says it will continue looking for benefits in hospital medicines and in its work with medical devices.