There’s been much talk in high policy circles in recent months about a potential trade deal between the US and Europe. The deal, dubbed TTIP (the Transatlantic Trade and Investment Partnership) launched earlier this year amid much excitement on both sides of the pond. And understandably so: if it goes ahead, the potential for growth that TTIP offers both parties across a range of sectors is beyond doubt.
But there’s more to TTIP than just competitiveness and jobs.
For patients everywhere, the deal promises faster access to new treatments. TTIP would trim the fat off the innovation process by converging the rules and standards that govern processes like how clinical studies and trials are conducted. Ultimately, this convergence would cut red tape and limit the unnecessary duplication of efforts that slows access.
As well as regulatory harmonisation, the deal would bolster collaboration between the EU and the US and set shared principles for intellectual property protection, ensuring that the pharmaceutical sector’s investment in research and development is fairly rewarded.
The health regulatory bodies of the potential trade partners – the European Medicines Agency and the Food and Drug Administration – will play a key role in driving the health elements of the trade deal forward.
In recent months the progress of talks has faltered owing to the much-publicised spying scandal that has strained the relationship between the US and EU almost irrecoverably. Nevertheless, the delayed second round of talks concluded last week – hopefully an indication that the deal is back on track.
Patients have until now born the brunt of the economically challenges facing governments in Europe and the US – TTIP is a welcome chance to stem this trend. By pooling resources, streamlining the innovation process and ensuring intellectual property protection TTIP will ease the process of developing new drugs and bringing them to market, supporting the innovation that underpins patient care in the UK and beyond.