Stronger patent rights and massive drug price cuts set to corner local drug makers

After four years of circular debate, political feuds and a last-minute tear gas attack, the free trade pact between Korea and the United States is finally set to take effect. The parliamentary passage of the deal brings together the world’s biggest and 12th largest economies, whose current annual exchange of goods and services is valued at $90 billion.

The FTA, however, has Korean drug maker...