Washington, D.C. (December 3, 2010) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John Castellani released the following statement on the breakthrough in the talks on the Korea-U.S. FreeTrade agreement:
“PhRMA welcomes the progress made on the pending Korea-U.S. Free Trade Agreement. 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 a terrific 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.
“PhRMA looks forward to the ratification of the Agreement by Congress in the next 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 $50.3 billion in 2008 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.2 billion in 2008.
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