Fear mongering jeopardizing “21st Century” trade deal, says Medicines Australia

The Trans Pacific Partnership Agreement (TPP) will open up vast new markets for Australian companies, including manufacturers of innovative medicines and vaccines, says trade group Medicines Australia’s chief executive, Tim James.

“Pharmaceuticals are already one of Australia’s largest manufactured export, worth around A$3 billion ($2.29 billion) each year, he said, adding: “But a new trade deal which further reduces trade barriers, improves market access and, above all, establishes high regional standards for intellectual property (IP) protection, could help transform Australia into a leading global hub for researching and manufacturing a new generation of highly specialized medicines and vaccines.”

In recent weeks, critics have appeared in the media claiming that possible changes to Australia’s IP system as a result of the TPP will lead to higher prices for medicines and “decimate” the Pharmaceutical Benefits Scheme (PBS).