Korean Job Discussion Forums

[akcrono]

From http://koreajoongangdaily.joinsmsn.com/news/article/Article.aspx?aid=2943783 :

[Malislamusrex]

Free trade is a perfect economic system, the only problem is the corruption of politicians

In the so called 'FTA' there will be stipulations that have been lobbied in Washington and Seoul that will make someone rich in theory.... lets see how it plays out.

[Wildbore]

25 years ago, un-informed protestors were making the same claims when Canada signed it's free trade agreement with the USA.

While, nothing has happened to the Canadian healthcare system. It's still a big, fat, bloated system run by incompetent provincial governments.

Some FOREIGN MANAGEMENT might actual get us somewhere, and Korea.

[Weigookin74]

[Unposter]

My limited understanding is that the main way the US/KOR Free Trade agreement will increase the price of Korean health care will be in medicine prices.

Currently, Korean Pharmaceudical (sp?) companies make generic copies of American brand name medicines at fractions of the cost. They won't be able to do that anymore according to the FTA. Some say it could increase the cost of medicines 20 times.

For example, I currently take medication. I pay about $20 a month. (I only pay 10% of list costs due to insurance.) If the costs were to increase 20 times, I would have to pay $400 a month to get my medication. If this proved to be true, it would be a big out of pocket expense for me but it would be even worse for sick and elderly people who have to take a lot more medications than I do.

I don't think American hospitals will change much how most people receive health care as they are likely to see Korean medical insurance prices as particularly profitable. If new American-run hospitals are built, they will opperate outside the Korean health insurance system providing specialized care for wealthy customers who are willing to pay. They will also probably target medical tourism from China and possibly even Japan.

So, this won't be a big help for most people. In fact, it will increase costs for most ordinary people.

[pkang0202]

[Menino80]

[nathanrutledge]

There will be zero hospitals built because of the FTA. It is an issue totally unrelated to the FTA.

YES, the Korean government is exploring options to build for profit hospitals, but it is NOT related to the FTA.

The FTA WILL have an effect on pharmaceuticals and medical equipment.

http://fpc.state.gov/documents/organization/139259.pdf

Another poster put this up in the other FTA thread. Check it out - Korea offers crap prices for cutting edge medical technology and US manufacturers refuse to sell at those prices. Now, the FTA will require them to reexamine what the pay and raise the reimbursement - point of the story? We pay more for better, newer, safer equipment. Is it worth it? For the majority of us, probably not. For the marginalized people who would DIE because of the outdated technology and equipment who will now LIVE because of better supplies? Probably. Of course, it becomes more of an ethical question - should we spend the money to keep old people alive an extra few weeks or months when they are going to die anyway? THAT'S what it really comes down to. Do you want the brand name or the generic? This years model or last years model?

[Malislamusrex]

I love it when a guy who has no idea about economics comes on the internet and uses a slightly amusing word.

What Korea and America have signed is not a FTA, FTA is a fancy title to market something that it isn't.

[strange_brew]

[Malislamusrex]

technically if items could be traded freely without tariffs it's a perfect system, insufficiency will be exposed and only the most competitive organizations with the most competitive price will be able to sell in the market.

but this is not a 'free' trade agreement and it will never exist, because American governments will want to protect cars, Korean will want to protect rice..... So in the end you have lobbyists buying and selling deals.

[cj1976]

America has consisently proven how fair the free market is. For them anyway. Not so much for the little brown people who make their goods.

[atwood]

[atwood]

[cj1976]