The 12-country Trans Pacific Partnership has moved a step closer with the US Senate voting to end debate on granting President Barrack Obama 'fast track authority'.
Under 'fast track', the President is granted the power to negotiate and finalise trade agreements that Congress can then accept or reject, but not change.
It is considered one of the final steps in the process leading to finalisation of the TPP, an agreement that would cover 40 per cent of the world's economy.
It is believed that the granting of 'fast track' will lead to the 12 countries presenting their final negotiating positions, and hasten completion of the agreement that is expected to include key outcomes on intellectual property, pharmaceuticals and medical devices.
The biotechnology and research-based pharmaceutical sectors have pushed for an extension in data exclusivity provisions for biologics - from 5 to 12 years.
The TPP is also expected to include an Investor-State Dispute Settlement (ISDS) mechanism, although a recently leaked draft chapter revealed the Australian Government securing specific carve-outs for the PBS, TGA, Medicare and the Office of the Gene Technology Regulator.
On transparency, a more recent leak of the Transparency for Healthcare Annex showed the adoption of language largely consistent with the US-Australia Free Trade Agreement, specifically in relation to the accountability of processes involving the reimbursement of pharmaceuticals and medical devices.
At the same time, the Productivity Commission has questioned the value of free or 'preferential' trade agreements.
In its Trade and Assistance Review 2013-14, the Productivity Commission questions the value of Government signing bilateral or multilateral trade agreements the include "obligations on pharmaceutical price determination arrangements."