Accessibility (time to financing decision) to new medicines is a major concern in Europe. Recently the European Commission has proposed to streamline and reduce the duration of national decisions on pricing and reimbursement of new medicines. The objective of this study was to evaluate the accessibility to medicinal products with new molecules or new therapeutic indications (NMNTI) in Portugal, since 2007 and characterize the determinants of the assessment process by the Portuguese Ministry of Health. Data on 119 NMNTI reimbursement applications to the PMH between January 2007 and June 2011 was kindly provided by submitting pharmaceutical companies. Time to financing decision was assessed using the Turnbull non-parametric estimator and variability in time to financing decision was explored using accelerated failure time regression models with Gaussian mixture distributions, both allowing for interval, left and right censoring. The likelihood of public financing and its determinants was evaluated through the estimation of logistic regression models. Median time from submission to decision 331 days (95%CI: 292-398) was excessive relative to those in the Law for the decision: 70 days (hospital) and 110 days (ambulatory). In hospital medicines no decision was taken in less than 70 days. Only 10% of the decisions from ambulatory drugs were taken within the timelines in the law. Of particular concern was median decision times for orphan medicines (718 days), oncology drugs (743 days) and new therapeutic indications of medicines already reimbursed (890 days). From a vast number of variables studied, only in cardiovascular medicines the likelihood of non-public financing was significant lower (p=0.026). Accessibility to new medicines or medicines with new therapeutic indications in Portugal is compromised by an excessively long assessment process by the Portuguese Ministry of Health. Of particular concern is accessibility to orphan and oncology drugs.