BIO Blasts USMCA Provision
BIO president Jim Greenwood is criticizing the Trump administration and House Speaker Nancy Pelosi for surrendering a “powerful tool for reining in foreign free riding.” In a statement on the apparent agreement on the USMCA trade pact with Mexico and Canada, Greenwood said the renegotiated pact eliminates provisions that prohibit foreign countries and foreign companies from stealing American medical innovation.
“President Trump has promised to end foreign free-riding on American medical innovation, but by removing enhanced IP (intellectual property) protections for biologic medicines, his administration just surrendered one of the most important tools that would stop it,” Greenwood said. “The administration and Speaker Pelosi have missed a critical opportunity to raise intellectual property standards in key markets, create good American jobs, and ensure that American biopharmaceutical companies have their ingenuity, innovation, and hard work protected around the globe. They have forsaken a sector in which America leads the world and which promises to be a key sector of our 21st century economy.”