Monday, June 11, 2012

China to curtail Big Pharma patents

It is ironic that in this the "communist" state follows the steps of several clearly capitalist ones like Malaysia, Indonesia, Thailand and India. The intent is to limit the abusive profits of Big Pharma, whose patents are all re-editions of old stuff. 

The new law allows the People's Republic of China to allow for generic medicines in the interest of the public, be it Chinese or foreign (they can also export generics). 

As Naked Capitalism explains, this is perfectly in agreement with WTO rules, because these were issued in an age when the public interest was still held to have a higher value than private, corporate, interest.

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