The U.S. innovative pharmaceutical and medical device industries have been working within Korea for decades to the benefit of Korean citizens, patients, and the Korean economy. The industry strongly supports and desires to cooperate more closely with the Korean government in efforts to improve the Korean healthcare system, including, but not limited to the area of pharmaceuticals.

The U.S.-Korea Business Council encourages concrete steps by the Korean government to ensure that its healthcare system operates in a fair, open, and transparent way that benefits Korean patients, continues to encourage innovation in Korea, and does not result in a series of serious unintended consequences that may reduce the level of healthcare options that Korean patients and consumers can access in a timely manner.

Council priorities include:

• Ensure Korean policies dictating how pharmaceuticals are priced and reimbursed under the national healthcare system are non-discriminatory, transparent and predictable, as committed to by the Korean government under the FTA.
• Ensure adequate reward for innovation and facilitate expeditious introduction of new, cutting-edge drugs into the Korean market through predictable, transparent criteria for decision making.
• Continue Korean government actions to eliminate unethical business practices in the Korea's pharmaceutical market.