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U.S. Chamber Statement on Intellectual Property in USMCA
WASHINGTON, D.C. — Thomas J. Donohue, CEO, U.S. Chamber of Commerce issued the following additional response to news of a handshake deal on the United States-Mexico-Canada Agreement (USMCA):
“The U.S. Chamber of Commerce has long-supported the United States-Mexico-Canada Agreement (USMCA) and will continue working for its expeditious passage in both houses of Congress.
“However, we are seriously disappointed by the removal of certain intellectual property provisions, including but not limited to the biologics provision. The decision to remove key intellectual property protections was based on the false assumption that these provisions would raise U.S. drug prices. In fact, the original biologics provision would have resulted in more funding for innovative medical research with no additional cost to U.S. consumers. Now, the only beneficiaries will be foreign governments and consumers who will continue to free-ride on the benefits of American research into new cures without contributing to their development.
“Going forward, the outcome in the area of intellectual property cannot stand as a precedent for future agreements. More than 45 million American jobs and $6.6 trillion in GDP depend on IP-dependent industries, including five million in the biopharmaceutical sector and five million more in the creative industries, and this is where future U.S. competitiveness lies. We will redouble our efforts to demonstrate this to our elected leaders in the months and years ahead.”
Global Innovation Policy Center @globalIPcenter 4h
Economies with the most effective intellectual property (#IP) frameworks are more likely to achieve the socio-economic benefits needed to face our biggest challenges, like #COVID19. Get the details in the @USChamber #IPIndex. #IPEnables https://t.co/oVnRXbS15m