Practices that undermine biopharmaceutical innovation.
The world's largest drug industry trade group has urged the Office of the United States Trade Representative (@USTradeRep) to take immediate action to address serious and growing market-access and intellectual-property barriers in overseas markets.
U.S.-based @PhRMA has singled out Canada, Japan, Korea and Malaysia as “Priority Foreign Countries” – a designation reserved for countries with the worst market-access barriers and the most damaging intellectual-property practices. The group catalogued government price-setting practices in these countries as undermining investment in new treatments. PhRMA suggests that ending these policies could add billions of dollars to R&D and reduce overall health care costs worldwide.
Also noted are countries that have threaten “compulsory licensing” like India, Turkey and Colombia.
In 2017, the U.S. exported almost $56Bn in biopharmaceuticals making the sector one of the nation's top exporters among intellectual property-intensive industries. The sector also supports around 4.8 millions jobs. According to PhRMA - “American patients should not have to shoulder the burden of paying for global innovation”.
In total, the drug industry is targeting 24 overseas markets for posing barriers to market-access and intellectual-property.