(NaturalNews) The President of Ecuador, Rafael Correa, announced Sunday that he planned to override a number of pharmaceutical patents in order to provide more affordable medicines to the People of Ecuador. In a statement, Correa explained that access to medicine is a "human right" and that he intends to seek "compulsory licenses" to acquire medications considered indispensible.

Under current World Trade Organization rules, countries have the right to seek such "compulsory licenses" that override traditional patent rights. Current WTO rules require that such countries negotiate with the patent owners to determine fair compensation.

This action by Correa joins Ecuador's recent declaration that it would not honor the illegitimate debt that had been placed on the country by foreign banks (under previous administrations). This bold move allowed Ecuador to renegotiate its debt for roughly 30 cents on the dollar. Much of that debt was considered "predatory debt" by academics who understand the way the World Bank and other first-world banking interests attempt to place debt burdens on many smaller nations as a tactic for exerting long-term influence over their economies.

The book Confessions of an Economic Hit Man by John Perkins explains in great detail how first-world nations have routinely interfered with the nations of Central and South American through predatory lending practices.

Pharmaceutical pricing is also considered "predatory" by many observers, including NaturalNews. By definition, prices on brand-name pharmaceuticals are "monopoly prices." That's because patent protection grants drug companies a monopoly market for a period of roughly 20 years. During that time, drug companies extract as much money as possible for their products, even from poorer nations whose population can barely afford to pay such prices.
Monday, October 19, 2009 by: Mike Adams, the Health Ranger, NaturalNews Editor