Chamber's U.S.-Korea Business Concil Urges FTA Negotiations Address Korea's Proposed Pharmaceutical Rules

WASHINGTON, D.C.—U.S. Chamber of Commerce U.S.-Korea Business Council President Myron Brilliant issued the following statement regarding the Korean Health and Welfare Ministry's proposed regulations on the reimbursement of pharmaceuticals:

"The Korean proposal seems to favor Korean producers over international pharmaceutical firms. However, that should not preclude meaningful discussion of drug pricing and reimbursement in the FTA negotiations.

"U.S. pharmaceutical companies offer valuable, innovative healthcare products and the FTA negotiations should address the regulatory environment in which pharmaceutical companies work in Korea.

"We were pleased that the negotiations include a FTA Pharmaceutical Working Group that will look at the full range of issues affecting pharmaceutical trade. Transparent, open trading rules in this key sector would benefit both sides in the negotiations."

The U.S.-Korea Business Council issued a position paper in June this year that urged negotiators consider reimbursement guidelines and the transparency of the reimbursement system during their discussions.

The U.S.-Korea Business Council is dedicated to strengthening ties between the United States and Korea. The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

www.uschamber.com

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