Do Free Trade Agreements Matter to Drug Lag? Recent Evidence From Korea After the Korea–U.S. Free Trade Agreement

2020 ◽  
Vol 50 (2) ◽  
pp. 147-155
Author(s):  
Kyung-Bok Son
Keyword(s):  
United States ◽  
Free Trade ◽  
Cox Model ◽  
Free Trade Agreements ◽  
Trade Agreement ◽  
The United States ◽  
Marketing Approval ◽  
Drug Lag ◽  
Korean Market ◽  
Korus Fta

The KORUS FTA includes various clauses on marketing approval of new medicines and their reimbursement decisions. We aim to capture the availability of new medicines, to measure drug lags for new medicines, and to demonstrate the effect of the KORUS FTA on the timely availability of new medicines in the Korean market. We selected new drug applications approved in the United States between 2007 and 2015, calculated the drug lag, which was defined as the time difference between the date of regulatory approval in the United States and in Korea, and constructed a logistic and Cox model to capture the effect of the variables of interest on the availability and drug lag of new medicines in the Korean market. The FDA in the United States approved 160 NDAs between 2007 and 2015. The KORUS FTA does not increase the availability of new medicines or shorten the drug lag of new medicines. However, the presence of the manufacturer in Korea was significantly related to the availability and drug lag in the Korean market. It is noteworthy that the presence of the manufacturer, which is a kind of by-product of free trade in pharmaceuticals, affected drug lag.

Stocktaking and Glimpsing at Trade Law's Next Generation

2017 ◽  
Vol 111 ◽  
pp. 92-95
Author(s):  
Kathleen Claussen
Keyword(s):  
United States ◽  
Free Trade ◽  
Bilateral Trade ◽  
Free Trade Agreements ◽  
Trade Agreement ◽  
Trade Agreements ◽  
The United States ◽  
Asia Pacific ◽  
The European Union ◽  
Trade Law

These remarks are derived from a forthcoming work considering the future of international trade law. Compared with most features of the international legal system, the regional and bilateral trade law system is in the early stages of its evolution. For example, the United States is a party to fourteen free trade agreements currently in force, all but two of which have entered into force since 2000. The recent proliferation of agreements, particularly bilateral and regional agreements, is not unique to the United States. The European Union recently concluded trade agreement negotiations with Canada, Singapore, and Vietnam to add to its twenty-seven agreements in force and is negotiating approximately ten additional bilateral or multilateral agreements. In the Asia-Pacific Region, the number of regional and bilateral free trade agreements has grown exponentially since the conclusion of the Association of Southeast Asian Nations (ASEAN) Free Trade Area of 1992. At that time, the region counted five such agreements in force. Today, the number totals 140 with another seventy-nine under negotiation or awaiting entry into force. The People's Republic of China is negotiating half a dozen bilateral trade agreements at present to top off the sixteen already in effect. India likewise is engaged in at least ten trade agreement negotiations. The World Trade Organization (WTO) reports 267 agreements of this sort in force among its members as of July 1, 2016.

scholarly journals Trade Complementarity and the Balance of Payments Constraint Hypothesis: A New Free Trade Agreement between Mexico and South Korea

Mathematics ◽  
2020 ◽  
Vol 8 (10) ◽  
pp. 1708
Author(s):  
Luis Quintana-Romero ◽  
Nam Kwon Mun ◽  
Roldán Andrés-Rosales ◽  
José Álvarez-García
Keyword(s):  
United States ◽  
South Korea ◽  
Free Trade ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
The United States ◽  
New Era ◽  
External Sector ◽  
Korean Market

Market diversification is one of the keys to success in the new era of world trade. Highly competitive countries have accomplished positive and sustained growth rates by not depending on a single market for their exports and imports. In Mexico, on the contrary, 80% of exports and 45% of imports concentrate in the United States. The South Korean market represents an opportunity for the Mexican economy, as the relationship between the two countries has strengthened in recent decades. This opportunity would promote greater economic growth for both countries if they reached a Free Trade Agreement, as we show in this work. The aim of this research is to assess the complementarity between these countries and estimate their external long-term equilibrium using the Thirlwall trade restriction model. Results confirm the existence of trade complementarity between the two economies and show that these are able to achieve long-term equilibrium in the external sector. Additionally, the Mexican economy would not face balance of payment constraints for growth when trading with South Korea, as it currently does with the United States.

scholarly journals Availability and drug lag of new medicines in South Korea

2019 ◽  
Vol 29 (Supplement_4) ◽  
Author(s):  
K Son
Keyword(s):  
United States ◽  
South Korea ◽  
Statistical Estimation ◽  
Cox Model ◽  
The United States ◽  
New Drugs ◽  
Event History ◽  
Factors Affecting ◽  
Drug Lag ◽  
Korean Market

Abstract Introduction This study aims to capture the availability of new medicines, to measure drug lags for new medicines, and to demonstrate various factors affecting timely availability of new medicines in Korean market. Methods We construct two models for the analysis; logistic and Cox model. First, we provide the logistic regression to analyze the availability of new medicines in Korean market. Second, we are interested in the timely availability of new medicines in Korea. Therefore, we calculated the drug lag between the United States and South Korea, and applied an event history model for a statistical estimation. Results There have been 160 NDAs approved by the FDA in the United States between 2007 and 2015. Among 160 new drugs approved in the United States during the study period, 112 NDAs (70%) were also approved by the MFDS in Korea, while 48 new drugs (30%) are not currently available in the Korean market. In addition, we are interested in the order of timing for market approval for 112 NDAs that approved in both countries. Not surprisingly, 95 NDAs (85%) were approved in the United States, and then approved in Korea, while 17 NDAs (15%) were approved in Korea, and then approved in the United States. Conclusions Compared to the United States, a striking drug lag was observed in Korea. For the new drugs approved between 2007 and 2015, the median approval lag ranged from 1.72 years in 2013 to 5.84 years in 2007. Presence of the manufacturers in Korea and medicines belonging to the antineoplastic agents were not only positively associated with the availability in Korea, but also accelerated the time to approval in Korea compared to the reference. Key messages Compared to the United States, a striking drug lag was observed in Korea. Presence of the manufacturers in Korea were not only positively associated with the availability in Korea, but also accelerated the time to approval in Korea.

scholarly journals Free Trade Agreements With The United States: 8 Lessons For Prospective Parties From Australia’s Experience

2016 ◽  
Vol 5 (2) ◽  
pp. 395-418 ◽  
Author(s):  
Stephen R. Tully
Keyword(s):  
United States ◽  
Intellectual Property ◽  
Property Rights ◽  
Free Trade ◽  
Intellectual Property Rights ◽  
Free Trade Agreement ◽  
Free Trade Agreements ◽  
Trade Agreement ◽  
Trade Agreements ◽  
The United States

Abstract This article identifies 8 key lessons for those States contemplating a free trade agreement with the United States (U.S.) arising from Australia’s experience. The standards of intellectual property protection under the Australia-U.S. Free Trade Agreement and their impact on pharmaceutical prices in Australia are a particular focus. Prospective parties must first conduct a national interest self-assessment which reviews the desired strength of intellectual property protection under national law and their preference for using flexibilities available to them under the existing international intellectual property rights framework. The United States negotiates free trade agreements in light of previous ones, negotiating outcomes obtained in other fora and the decisions of international trade tribunals. Negotiations typically occur behind closed doors, which is a process having adverse implications for transparent decision-making, public consultation periods and contributions from interested non-governmental actors. A concluded agreement will build on prior treaties and influence the course of future international arrangements. But the impact of a United States free trade agreement is not always clear, including because of a lack of reliable data, and the extent of national legal change is a contested issue given existing reform agendas and external influences. The United States seek to redesign national health care systems in its own image and had little success in Australia’s case. National legal systems need not be harmonised: although there can be some convergence in intellectual property rights regimes, significant differences may also remain. Negotiators must reconcile competing cultures, philosophies and perspectives between States for a free trade agreement to be worthwhile.

South Korea and the United States Free Trade Agreement (KORUS FTA) in 2006-2019 and Its Impact on the South Korea-US Alliance

2021 ◽  
pp. 88-93
Author(s):  
Marta V. Bocharnikova ◽  
Keyword(s):  
United States ◽  
South Korea ◽  
Free Trade ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
The United States ◽  
The South ◽  
Political Events ◽  
General Scientific ◽  
Korus Fta

The article presents a study of the South Korea-United States Free Trade Agreement (KORUS FTA) and is divided into two parts. In the first part, the author briefly addresses the background of the agreement and explores in detail the current state of the KORUS FTA after its modification in 2018. The author examines key modifications made in the agreement and their influence on the Republic of Korea (ROK), the United States, and the ROK-US alliance. The first part also analyzes why President Trump, instead of delaying the KORUS issue, pushed its revision in 2017, when the situation on the Korean Peninsula was quite explosive, and the motives of the Trump administration in resuming Section 232 investigation, particularly into imports of semiconductors. In the second part, the author addresses future prospects of the agreement in general and briefly analyzes its impact on the ROK-US alliance. The author does not attempt to evaluate the quality of the alliance by measuring the state of the KORUS FTA. Nevertheless, while the trade agreement does not reflect all the strengths or weaknesses of the alliance, it is one of the criteria of the alliance development. Statistical data is employed throughout the article to illustrate the trade imbalance between South Korea and the US, import and export volume, and opinion survey results. In conclusion, the author sums up the results obtained and highlights the importance of the KORUS FTA for the ROK-US alliance. The relevance of the article lies in the fact that the work is based primarily on foreign sources and literature, which allows expanding the knowledge base of domestic Korean studies. This article is also a part of a more comprehensive study in this area and can serve as a supplementary modern literature for Russian researchers who major in Korean studies and deal with issues related to the South Korea-US relations. The methodological basis of the study consists of the principle of historicism and approaches such as structural-functional and systematic. The article employs general scientific, general historical and political science research methods. Among the general scientific methods, the author used methods of analysis and synthesis; time comparison method and complex method. Among the general historical methods, the historical-comparative method and the historical-genetic method are applied for demonstrating the causal relationship between political events, and the historical-systematic method for singling out a certain period in the historical process in which the problem is investigated. Finally, among the political science methods, content analysis and event analysis are employed for a better assessment of political events.

The Investment Provisions of the Canada—United States Free Trade Agreement: A Canadian Perspective

1990 ◽  
Vol 84 (2) ◽  
pp. 394-443 ◽  
Author(s):  
Jean Raby
Keyword(s):  
United States ◽  
Free Trade ◽  
Free Trade Agreement ◽  
Bilateral Trade ◽  
Good Deal ◽  
Trade Agreement ◽  
Ronald Reagan ◽  
The United States ◽  
The World ◽  
Trading Partners

This is a good deal, a good deal for Canada and a deal that is good for all Canadians. It is also a fair deal, which means that it brings benefits and progress to our partner, the United States of America. When both countries prosper, our democracies are strengthened and leadership has been provided to our trading partners around the world. I think this initiative represents enlightened leadership to the trading partners about what can be accomplished when we determine that we are going to strike down protectionism, move toward liberalized trade, and generate new prosperity for all our people.On January 2, 1988, President Ronald Reagan of the United States and Prime Minister Brian Mulroney of Canada signed the landmark comprehensive Free Trade Agreement (FTA) between the two countries that already enjoyed the largest bilateral trade relationship in the world. The FTA was subsequently ratified by the legislatures of both countries, if only after a bitterly fought election on the subject in Canada. On January 1, 1989, the FTA formally came into effect.

AHMED GALAL AND ROBERT Z. LAWRENCE, ED., Building Bridges: An Egypt–US Free Trade Agreement (Washington, D.C.: Brookings Institution Press, 1998). Pp. 121. $29.95 cloth.

2000 ◽  
Vol 32 (2) ◽  
pp. 312-313 ◽  
Author(s):  
Samira Salem
Keyword(s):  
United States ◽  
Free Trade ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
The United States ◽  
Economic Benefits ◽  
Brookings Institution ◽  
Optimal Form

Has the time come for a free-trade agreement (FTA) between Egypt and the United States? According to the contributors to Building Bridges, an FTA is the logical next step in the Egypt–U.S. relationship. This policy-oriented volume explores the conditions under which the benefits of an FTA between the parties would be maximized. Although the contributors reach different conclusions regarding the optimal form of the Egypt–U.S. FTA, consensus is reached on one point: an FTA between Egypt and the United States will produce economic benefits for both nations.

Central American integration through infrastructure development: A case study of Costa Rican hydropower

2016 ◽  
Vol 6 (1) ◽  
pp. 96-115 ◽  
Author(s):  
Denielle M. Perry ◽  
Kate A. Berry
Keyword(s):  
United States ◽  
Central America ◽  
Free Trade ◽  
Regional Integration ◽  
Free Trade Agreement ◽  
Trade Agreement ◽  
The United States ◽  
Global Market ◽  
Central American ◽  
Infrastructure Development

At the turn of the 21st century, protectionist policies in Latin America were largely abandoned for an agenda that promoted free trade and regional integration. Central America especially experienced an increase in international, interstate, and intraregional economic integration through trade liberalization. In 2004, such integration was on the agenda of every Central American administration, the U.S. Congress, and Mexico. The Plan Puebla-Panama (PPP) and the Central America Integrated Electricity System (SIEPAC), in particular, aimed to facilitate the success of free trade by increasing energy production and transmission on a unifi ed regional power grid (Mesoamerica, 2011). Meanwhile, for the United States, a free trade agreement (FTA) with Central America would bring it a step closer to realizing a hemispheric trade bloc while securing market access for its products. Isthmus states considered the potential for a Central America Free Trade Agreement (CAFTA) with the United States, their largest trading partner, as an opportunity to enter the global market on a united front. A decade and a half on, CAFTA, PPP, and SIEPAC are interwoven, complimentary initiatives that exemplify a shift towards increased free trade and development throughout the region. As such, to understand one, the other must be examined.

Sign in / Sign up

Export Citation Format

Share Document