Did you know that an obscure Canadian agency called the “Patented Medicines Pricing Review Board” unilaterally sets below-market prices for breakthrough medicines developed by American scientists? Canada thus forces U.S. biopharmaceutical innovators to choose between accepting artificially low reimbursements or declining to enter Canada’s market entirely. Either way, patient access is limited and the research and development pipeline for new, life-saving treatments is jeopardized.
While USMCA addressed many Canadian trade barriers, the agreement unfortunately failed to end Canada’s arbitrary price-setting scheme that disproportionately harms American innovators. Our northern neighbor continues to devalue the work of America’s scientists, reducing research investment into new treatments and cures.
Right now, American companies invent nearly 60 percent of all new medicines worldwide. Addressing Canada’s unfair price controls once and for all could spur even more discoveries.
Well, now you know.
In addition, AFTE submitted a memo to the Biden-Harris transition team to inform the President-elect’s trade agenda during his first 100 days in office. AFTE also recently released statements applauding USTR’s first USMCA dispute settlement case and congratulating Katherine Tai on her nomination to be U.S. Trade Representative.