US, Australia dismiss TPP concerns

An article published on October 11th, 2015 in the SBS, http://www.sbs.com.au/news/article/2015/10/11/us-australia-dismiss-tpp-concerns, states that the US President and Australia’s Trade Minister have delivered separate defenses against the criticisms that the TPP is shrouded in secrecy and could have a negative impact for consumers when it comes to drug patent protections. One of the key criticisms is the secrecy that has been around the negotiations, seeing as the full text has yet to be seen by the public. According to President Obama, “You’ll be able to read every word of this agreement online well before I sign it,” and “You’ll be able to see for yourself how this agreement is better than past trade deals – and how it’s better for America’s working families.” Another large criticism of the deal revolves around drug patent protections. Australia’s Trade Minister Andrew Robb also dismissed concerns about the fine print of the deal. He states, “The week after this thing ultimately enters into force, the Australian health system will be no different to the week before it enters into force.” The TPP could reshape industries, change the costs of products, and have major repercussions for several industries. Either way there will be winners and losers from the deal, and in roughly four weeks the document will be posted for the public to see.

Do you think that we should we worried about the specifics in the TPP agreement? Will there be a negative effect on Australia’s healthcare industry?

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