Washington, D.C. (December 22, 2014) — Pharmaceutical Research and Manufacturers of America (PhRMA) Deputy President, Mark Grayson issued the following statement:
"PhRMA welcomes today’s release of the U.S. International Trade Commission report on 'Trade, Investment, and Industrial Policies in India: Effects on the U.S. Economy.' The report is useful in documenting the challenges U.S. business faces in India, but also the potential benefits to both economies from addressing existing trade barriers. For example, the report identifies that improved IP protection would have 'substantial positive effects' on U.S. exports to India and increased economic engagement in India.
“Moreover, those exports would be more technology-intensive. The report found that stronger IP protections would cause pharmaceutical exports to increase the most: by nearly 171%. With a rising share of U.S. companies substantially adversely affected by Indian policies, we hope that India will seize the opportunity for reform consistent with Prime Minister Modi’s goals of increasing growth, investment, and innovation in India. India’s efforts toward these objectives and whether progress is made should be an important aspect of the U.S. International Trade Commission’s second report in September 2015. “
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research and biotechnology companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier, and more productive lives. Since 2000, PhRMA member companies have invested more than $550 billion in the search for new treatments and cures, including an estimated $51.1 billion in 2013 alone.
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