Washington, D.C. (October 13, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John Castellani released the following statement on the passage of the Korea-U.S. Free Trade Agreement:
“PhRMA is pleased that the Congress has passed the Korea Free Trade Agreement. This agreement recognizes the 60 years of partnership between our two countries and the important national security ties that we share. The agreement will play a key role in strengthening the U.S. economy and increasing American jobs and exports.
“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, such as the Trans Pacific Partnership.
“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.”