USA's BIO welcomes USA-South Korea FTA

The US Biotechnology Industry Association has congratulated the US Trade Representative for the successful negotiation of a USA-South Korea Free Trade Agreement (Marketletter April 16).

Jim Greenwood, the BIO's president, said that the "BIO applauds Ambassador Susan Schwab and the staff at the Office of the US Trade Representative for their hard work in reaching a successful conclusion of the US-Korea Free Trade Agreement negotiations. By recognizing the value of innovative, patented new medicines and raising the standards of protection for intellectual property rights, the FTA will go a long way in providing additional market access opportunities in [South] Korea for US biotechnology companies."

Mr Greenwood did express "disappointment" that the South Korean government refused to address details relating to the country's new drug pricing and reimbursement regulations. However, the BIO president noted that an independent review body to review these matters is welcome.