Economic and Trade Agreements also Protects the Pharmaceutical Industry

The trade agreement between the USA and China also includes the protection of intellectual property rights for the pharmaceutical industry. The focus is on drugs against cancer, diabetes, high blood pressure and stroke. The intention of the agreement is to promote the development of new treatments and cures for these diseases through better patent protection.

In the past, innovative pharmaceutical companies have repeatedly complained about insufficient patent protection in China. Patent applications cost a lot of time and money, and the application deadlines and procedures were not always suitable for actually achieving the intended patent protection. The trade agreement now prescribes further measures, including the consideration of additional data, an effective mechanism for the early settlement of patent disputes and the extension of the patent term. In the future, these measures should better protect the patents of innovative pharmaceutical companies.

China has explicitly welcomed this part of the trade agreement. The better protection of pharmaceutical patents will lead to foreign manufacturers investing more in China, thereby attracting more capital and know-how to the country. In addition, the Chinese government has undertaken to treat the domestic pharmaceutical industry with the same standards as those that apply in the USA. This opens up new perspectives for innovative companies. These European pharmaceutical industries may also benefit from this agreement in the future. After signing the agreement, the Chinese government may start to adjust policy and laws about pharmacy as well. The USA paves the way for Europe.

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