TPP raised spectre of higher drug prices
9 September, 2015
Trans-Pacific Partnership (TPP) is a multilateral free-trade agreement currently being negotiated among 12 countries including Singapore. But the ministers failed to conclude the negotiations last month. Why?
The only stumbling block is intellectual property (IP) rights. The US is pushing new rules that it claims will protect and promote US exports of IP-intensive products and services throughout the Asia-Pacific region. In ‘TPP raised spectre of higher drug prices’, Prof Ivan Png (Dept. of Economics and Dept. of Strategy & Policy) highlights how the current Agreement on Trade-Related Aspects of Intellectual Property Rights (Trips) is sufficient and any possible changes of IP rights would clearly benefit particular US industries but it will cost the consumers and businesses in other TPP countries.
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