PhRMA Applauds Korea-U.S. Free Trade Agreement Sent to Capitol Hill

Washington, D.C. (October 3, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John Castellani released the following statement on the transmittal to the Congress of the Korea-U.S. Free Trade Agreement:

 

“PhRMA is pleased that the Administration has transmitted the Korea Free Trade Agreement to Congress.  This agreement recognizes the 60 years of partnership between our two countries and the important national security ties that we share.

 

“PhRMA has long viewed the Korea-U.S. Free Trade Agreement as an important opportunity for Korean patients to access biopharmaceutical medicines produced in the United States.  With rising living standards and increasingly sophisticated access to information, Korean patients, like patients everywhere, want access to the most advanced medical treatments.

 

“We believe this Agreement, particularly the transparency and intellectual property provisions, represents a 21st century standard that should be a model for other agreements.

 

“Korea is an important market for the U.S. research-based pharmaceutical companies, a country where we currently enjoy a trade surplus. This agreement will contribute directly to increased U.S. exports and the expansion of highly skilled, well-paying jobs here in the U.S.

 

“PhRMA looks forward to the swift passage of the Agreement by Congress this year.”

 

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical research and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. PhRMA companies are leading the way in the search for new cures. PhRMA members alone invested an estimated $49.4 billion in 2010 in discovering and developing new medicines. Industry-wide research and investment reached a record $67.4 billion in 2010.