A New Chapter in Trade Relations
With the upcoming review of the U.S.-Mexico-Canada Agreement (USMCA), President Donald Trump stands at a significant crossroads. This juncture presents not merely an opportunity for political triumph but a chance to revitalize American industry, especially in the realm of biologic medicine.
Having played a role in negotiating trade terms during Trump's first term, I can assert that this reflection is not mere nostalgia; it is a critical evaluation of what has been lost and a call to action for future gain.
Lessons from the Past
During the first Trump administration, as under secretary of Commerce for Intellectual Property, I witnessed firsthand the challenges American businesses face due to inadequate international protections. The initial negotiations secured ambitious terms that aimed to protect intellectual property and encourage innovation. However, critical components were stripped away, largely due to political maneuvering.
“Regulatory data protection is essential for fostering innovation in biologic medicines.”
The Fall of Protectionist Measures
One glaring omission from the final USMCA version was the absence of a crucial stipulation: ten years of regulatory data protection for biologics. This measure would have significantly enhanced safeguards against the unauthorized use of clinical data by competitors, a move crucial for facilitating continued investments in American biotech.
Without these protections, American companies are left vulnerable to foreign competitors seeking to capitalize on their research without bearing the associated costs. We now see firsthand how this has deprived the U.S. of maintaining its leading position in biopharmaceutical innovation.
Global Competitiveness and Drug Prices
Currently, the U.S. provides 12 years of data protection domestically for biologics. Striving for an equivalent standard in Canada and Mexico would level the global playing field. By enforcing these rules, America could curb the foreign freeloading that undermines our market.
The Political Landscape has Shifted
As we look toward the upcoming USMCA review, it's crucial to recognize the political shifts that have occurred. With a new Congress, the Trump administration must seize the moment to reintroduce those original protections that had been agreed upon. The time has come to confront a North American landscape that has permitted the erosion of intellectual property rights.
The Role of Mexico
The challenge lies not only in negotiating terms but also in holding our trading partners accountable. Despite previous commitments, Mexico has shown a disconcerting lack of progress in enforcing patent protections and combatting copyright infringements. This is not merely an economic issue; it's a question of national leadership and integrity.
“Stronger protections equate to lower drug prices and enhanced job growth in America.”
Looking Ahead: A Call to Action
Therefore, I urge the Trump administration to use this review as an opportunity not just to restore what was lost but to envision a more robust framework for intellectual property protections across North America. The goal should be clear: embrace stronger regulations that ultimately benefit American consumers and innovators alike.
This isn't just about economic efficiency; it's about valuing the hard work of those in our biotech sectors who strive to develop groundbreaking treatments for patients across the globe.
The Urgent Need for Change
The time for complacency is over. We must strive for policies that promote innovation, protect our young companies, and secure lower prices for American healthcare. Now is the moment for the Trump administration to take bold steps in the USMCA review and restore vital protections that were promised but never delivered.
Intellectual property rights are not just a political talking point; they are the lifeblood of American ingenuity and competitive supremacy in an increasingly globalized market.
As we prepare for these critical negotiations, let's not forget the lessons of the past. The urgency of now demands not just a response, but decisive action that strengthens the future of American economic leadership.
Source reference: https://www.foxnews.com/opinion/i-helped-negotiate-trumps-trade-deal-he-can-now-fix-what-pelosi-broke
