Trump Administration and Speaker Pelosi Surrender Powerful Tool for Reining in Foreign Free Riding
Exclusion of biologics provisions in revised USMCA sets dangerous precedent for future trade talks,
including with China
Puts American jobs, intellectual property and leadership in medical innovation at risk
WASHINGTON – BIO President and CEO Jim Greenwood released the following statement in response to a renegotiated USMCA that excludes provisions that prohibit foreign countries and foreign companies from stealing American medical innovation:
“President Trump has promised to end foreign free-riding on American medical innovation, but by removing enhanced IP protections for biologic medicines, his administration just surrendered one of the most important tools that would help stop it.
“The Administration and Speaker Pelosi have missed a critical opportunity to raise intellectual property standards in key markets, create good American jobs and ensure that American biopharmaceutical companies have their ingenuity, innovation and hard work protected around the globe. They have forsaken a sector in which America leads the world, and which promises to be a key sector of our 21st century economy.
“Small U.S. biotechnology companies depend on their government to protect them in global markets and to ensure a level playing field.
“Today’s announcement declares open season on these innovators and sends a clear message that the U.S. government will stand idly by while foreign entities attack American intellectual property, American jobs and America’s global leadership in medical innovation.
“Foreign countries, including China, looking at this agreement will know that the U.S. government is not prepared to protect American innovation in the biopharmaceutical sector and that it can be pirated with impunity.
“The real losers today are America’s scientists, entrepreneurs and patients waiting for the next generation of breakthrough medicines.”