How does international law affect the pharmaceutical industry?

International law has a major role in the global pharmaceutical industry. It sets the industry standards for the production and distribution of drugs, and ensures that pharmaceutical products meet safety and efficacy standards. For example, the World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) helps protect the intellectual property rights of pharmaceutical companies, allowing them to receive a return on their investments by preventing generic competition. Additionally, the TRIPS agreement also requires the registration of pharmaceuticals with respective regulatory agencies in member states. As such, manufacturers must submit detailed information about their drugs and undergo rigorous trials to prove the safety and efficacy of their products before they can be commercially available. Further, the WHO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) and the Convention on Biological Diversity (CBD) set the rules for the pharmaceutical industry to comply with when procuring medicinal substances from wild plants and animals. These policies help reduce the exploitation of endangered species and promote the conservation of biological diversity. Finally, the International Organization for Standardization (ISO) publishes health-care and quality assurance guidelines for the pharmaceutical industry, which promotes the standardization of drug manufacturing and quality control processes to ensure consistency and safety of drugs. Overall, international laws play an important role in the pharmaceutical industry by setting standards and providing protection to drug manufacturers and promoters of conservation. These rules also help to ensure the safety and efficacy of drugs produced and marketed worldwide.

How does international law affect the pharmaceutical industry?

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