Health unions warn that the agreement could generate a trade monopoly that would eventually lead to an increase in the cost of medicines.
Non-governmental health organizations and Peruvian doctors unions have made no secret of their concerns following the announcement made by President Ollanta Humala on Oct. 5, when he informed the country about how successfully the Trans-Pacific Partnership (TPP) negotiations had ended. For these institutions, the signing of the trade agreement would cause the price of medicines in Peru to increase considerably.
The TPP, which brings together 40 percent of the world economy, is the most ambitious economic treaty in the world. There are 12 countries that comprise it: besides Peru are Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Singapore, Vietnam, the United States and Japan, the latter two being the main protagonists. This multilateral agreement encompasses 23 areas, among which is the chapter on Intellectual Property Rights, which is the most sensitive point for Peru at the moment.
The great fear of the health unions lies in the possibility that the patent protection period, which in Peru is considered to be 20 years, is extended, thereby creating a state monopoly in favor of some pharmaceutical industries. But it was the Minister of Foreign Trade and Tourism herself, Magali Silva, who went to the media and dismissed the rumors. Continue reading Trans-Pacific Agreement would impact the price of medicines