Thank you, Deputy Presiding Officer. Last year, I launched the Welsh Government's £80 million new treatment fund. This was, of course, a key pledge to the people of Wales at the last Assembly election. My statement today highlights how the new treatment fund has delivered faster, more consistent access to new medicines. It marks a highly successful first full operational year of the fund.

The substantial, new investment in NHS Wales demonstrates the Welsh Government's commitment to ensuring that patients receive the latest recommended treatments quickly, no matter where they live in Wales. The underpinning principle of the new treatment fund is that all medicines recommended by the National Institute for Health and Care Excellence, or NICE, and the All Wales Medicines Strategy Group, or the AWMSG, must be made available to patients, where clinically appropriate, no later than two months from the publication of the recommendation. This represents a one third reduction in the required implementation timescale.

A positive recommendation by NICE or the AWMSG is a confirmation that the medicine has passed the rigorous test of both clinical and cost-effectiveness: the clinical benefits of the medicine are in balance with the cost that the manufacturer will charge to the NHS. This ensures good value for money for the public and, of course, our NHS.

The new treatment fund is providing health boards in Wales with £16 million a year to support that faster and more consistent access. To date, £28 million has been provided to health boards and Velindre NHS Trust to support the faster introduction of over 80 new medicines.