Washington, D.C. (October 3, 2018) — Pharmaceutical Research and Manufacturers of America (PhRMA) president and CEO Stephen J. Ubl issued the following statement on the United States-Mexico-Canada Agreement (USMCA):
“The United States-Mexico-Canada Agreement marks a historic point for U.S. trade policy, cementing critical intellectual property (IP) protections and other standards that will pave the way for the next generation of treatments and cures. Biopharmaceutical science has advanced radically in the 24 years since NAFTA entered into force, making this an important time to modernize the pact.
“IP is the lifeblood of the innovative biopharmaceutical industry. The successful conclusion of the USMCA is a significant step toward leveling the playing field with our trading partners by delivering strong IP protections for American manufacturers and innovators. These IP standards far exceed those in any other international trade agreement, including the Trans-Pacific Partnership.
“The United States leads the world in innovation because we protect, reward and value the ongoing discovery of much-needed medicines to treat diseases like cancer, Alzheimer's and diabetes. We congratulate the Administration on this accomplishment and encourage them to continue pursuing strong trade deals that add more countries to the global engine of innovation.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research 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 $600 billion in the search for new treatments and cures, including an estimated $71.4 billion in 2017 alone.