No meeting of minds in Korea/US talks

South Korea and the USA have still not reached agreement on the possible opening of the former's domestic market for pharmaceuticals and other health care industries (Marketletters passim), reports the Korea Times. Bae Kyung-taek, a director of the Korean Ministry of Health and Welfare, told a news conference in Seoul that it would work on measures to support domestic drugmakers and minimize damage to the industry from a Korea/ US Free Trade Agreement.

Mr Bae told the meeting that, "if patent rights of multinational companies become strengthened at the request of the USA, it is possible that the pharmaceutical industry could sustain some damage," adding: "we will set up various policies for promoting research, development and export of the industry."

Although the two sides have thus far held six separate talks on pharmaceutical issues, they have not narrowed differences on how American drugs will fit into Korea's new medicine pricing system, according to government officials quoted by the Korea Times. The newspaper also noted that Health Minister Rhyu Si-min said last month that, if the deal proposed by the USA is fully accepted, it is expected to cost the Korean drug industry $1.2 billion with five years.