FTA Will Enhance Korea's Pharmaceutical Market, Industry Group Says

The recently announced free-trade agreement (FTA) between South Korea and the U.S. will improve the pharmaceutical market in Korea, according to a statement by the Pharmaceutical Research and Manufacturers of America (PhRMA).

"The FTA will help enhance Korean patients' access to the most effective, innovative cures," PhRMA President and CEO Billy Tauzin said.

He added that the strong protection of intellectual property rights provided in the FTA is particularly important. "In the context of the FTA negotiations, Korea committed to some significant improvements in market access for pharmaceuticals," he said. "This will support ongoing investment in research and development by pharmaceutical companies around the globe."

But, he concluded by saying, "Despite these advancements, much work remains to ensure Korea adequately recognizes and rewards innovation, puts a higher priority on early patient access to cutting edge, life-saving medicines, and makes healthcare decisions based on fair and transparent rules."