Industry by the Numbers
Billy Tauzin, President & CEO, Pharmaceutical Research and Manufacturers of America
“Korea will enhance intellectual property protection increasing Korean patients' access to the most innovative medicines. This will support ongoing investment in research and development by pharmaceutical companies around the globe."
The U.S. pharmaceutical and medical devices industries stand to realize significant benefits from the U.S.-Korea Free Trade Agreement (KORUS FTA). Korea is currently ranked as the world's 12th largest pharmaceutical market, with annual sales of about $7.9 billion, and the KORUS FTA will enhance the industry’s ability to market their products in Korea.
The KORUS FTA:
- Contains principles on facilitating high-quality health care and improving access to safe and effective pharmaceutical products, biologics, and medical devices.
- Includes commitments to ensure fair, reasonable, and non-discriminatory treatment for pharmaceutical products and medical devices.
- Provides predictability and transparency in the pricing and reimbursement process for pharmaceutical products and medical devices.
- Agrees to adopt, maintain, and enforce measures to promote ethical business practices by prohibiting improper inducements by pharmaceutical product and medical device manufacturers.
- Agrees to establish a Medicines and Medical Devices Working Group to provide for continued dialogue between the U.S. and Korea on emerging health care policy issues.
- Strengthens intellectual property protections in Korea
Select your state below for information on local resources that can help you take advantage of opportunities from the U.S.-Korea Free Trade Agreement. These resources include groups in both the public and private sector.
Semiconductors and components, Aerospace products, Chemicals
Communications equipment, Motor vehicles, Motor vehicle parts
In 2013, Korea was the United States’ 6th largest trading partner, while the United States was Korea’s 3rd largest.