Washington, DC (December 11, 2019) – The National Puerto Rican Chamber of Commerce issued the following statement, opposing Congress’s plan to alter Medicare, as proposed by H.R. 3:

“Congress’s H.R. 3 prescription drug plan attempts to tackle the issue of increasing healthcare costs, but does so in a way that will severely limit the incentives needed to improve research, innovation, and better treatment for patients. Price controls and restrictive barriers will have the opposite of intended effect and will actually increase the cost to the taxpayer as more limits are placed upon healthcare investment and economic growth is limited.

Specifically, Puerto Rico’s fledgling economy will be harmed the most, as pharmaceutical manufacturers located on the island are incentivized under H.R. 3 to shift operations to overseas locations, resulting in an estimated, direct loss of thousands of jobs and nearly $10 billion in economic output. A 10% reduction in Puerto Rico’s economy would send the island hurtling back into a severe depression, reversing positive trends since Hurricane Maria and requiring a larger investment from U.S. taxpayers in the recover of the island and its 3.5 million American citizens.

The NPRChamber favors policies that encourage innovation, and opposes those that limit innovation and development within the healthcare sector, such as would result from H.R. 3. For our communities across the U.S. mainland and in Puerto Rico, we are asking members of Congress to reconsider real solutions that promote economic stability and safety for Puerto Ricans and American consumers everywhere.”