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What are the key provisions regarding pharmaceuticals in the U.S.-Australia FTA?

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What are the key provisions regarding pharmaceuticals in the U.S.-Australia FTA?

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Based on new guidance from Congress in the Trade Act of 2002, the Australia FTA was the first FTA to include specific provisions dealing with non-tariff market access issues related to pharmaceuticals. The Australia FTA achieves these objectives through provisions for increased transparency and accountability and enhanced consultation in the operation of Australia’s Pharmaceutical Benefits Scheme (PBS). These provisions are based in large part on the Australian government’s own studies. The PBS already has a process for determining which drugs it will cover under its national health care program and the amount it will reimburse for these drugs. In the agreement, Australia committed to the principle of appropriately recognizing the value of innovative pharmaceuticals. The U.S. and Australia also agreed to establish a Medicines Working Group to discuss emerging health policy issues. Does the U.S.-Australia FTA block imports of patented pharmaceuticals? The FTA imposes no new barriers to

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