Press Release

PhRMA Statement on the Indo-Pacific Economic Framework

WASHINGTON, D.C. (May 23, 2022) – The Pharmaceutical Research and Manufacturers of America (PhRMA) Senior Vice President of International Advocacy Jay Taylor released the following statement upon the announcement of the Indo-Pacific Economic Framework:

“America’s biopharmaceutical industry welcomes the announcement of an Indo-Pacific Economic Framework (IPEF) to deepen the United States’ economic relationships with countries throughout this region. Stronger pro-innovation policies, coupled with decreased trade barriers to further promote supply chain resilience, would serve as a catalyst for more global collaboration on biopharmaceutical research and development, leading to new medicines for patients around the world. We look forward to being an active stakeholder throughout this trade dialogue.”

To read PhRMA’s submissions to the U.S. Department of Commerce and U.S. Trade Representative on the negotiating objectives for IPEF, please click here and here.

About PhRMA

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Since 2000, PhRMA member companies have invested more than $1 trillion in the search for new treatments and cures, including $91.1 billion in 2020 alone.

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