The FTAA is a proposed free trade agreement between the economies of 34 countries in the Western Hemisphere, stretching from Canada to Chile. Negotiations over the FTAA are now underway, with a scheduled completion date of 2003. The negotiating text remains secret, so it is not possible to know exactly what is included in the agreement.
Intellectual property is the right to use certain ideas, expressions of ideas, images or names.
Those who hold patents are given the exclusive right to manufacture or sell a patented product for a set period of time, subject to certain limitations. Each nation is free to set its own rules for intellectual property. In particular, many developing countries did not grant patents for pharmaceuticals. The negotiators of the FTAA are planning to adopt still more intellectual property requirements. Competition is the most important factor in limiting pricing, and intellectual property rules largely determine how much competition drug companies will face, and when.