The Trans Pacific Partnership Agreement (TPP) will open up vast new markets for Australian companies, including manufacturers of innovative medicines and vaccines, Medicines Australia CEO, Tim James, said today.

 “Pharmaceuticals are already one of Australia’s largest manufactured export, worth around $3 billion each year.

 “But a new trade deal which further reduces trade barriers, improves market access and, above all, establishes high regional standards for intellectual property protection, could help transform Australia into a leading global hub for researching and manufacturing a new generation of highly specialised medicines and vaccines,” Mr James noted.

 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.

 “Ten years ago, when Australia signed a free trade agreement with United States, the same people made the same arguments. They predicted the demise of the PBS,” Mr James said.

For more details, go to: https://medicinesaustralia.com.au/media-release/fear-mongering-jeopardising-21st-century-trade-deal/