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PhRMA Statement on Certification of Korea-U.S. Free Trade Agreement

Washington, D.C. (February 21, 2012) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John J. Castellani released the following statement on the certification of the Korea-U.S. Free Trade Agreement:

“The Korea-U.S. Free Trade Agreement recognizes the 60 years of partnership between our two countries and the important national security ties that we share. This 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 represents a 21st century standard that should be a model for other agreements, such as the Trans Pacific Partnership

“However, we are highly concerned that the Korean Government has not implemented certain provisions requiring transparency and due process in the manner that Korea prices and reimburses biopharmaceutical products. We strongly urge the US and Korean Governments to work together quickly to  implement fully these provisions.

“Notwithstanding our concerns, Korea is an important market for U.S. biopharmaceutical research 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 United States.”

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.

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. 

Find PhRMA Online:

For information on how innovative medicines save lives, visit: http://www.innovation.org

For information on the Partnership for Prescription Assistance, visit: http://www.pparx.org

For information on ensuring the flow of medicines during public health emergencies, visit http://www.rxresponse.org