Washington, DC (October 6, 2020) – The National Puerto Rican Chamber of Commerce released the following statement in response to the recent executive order establishing a foreign reference price list for certain prescription medications:

“The National Puerto Rican Chamber of Commerce has consistently supported policies that help to reduce the cost of prescription medications. The onset of the Covid-19 pandemic-induced recession has increased the burden on household budgets – especially across disproportionately impacted Puerto Rican and Hispanic communities – furthering the need for financial relief related to drug pricing.

While we are encouraged by related policy positions from the White House, we are concerned that this order will result in several unintended consequences.

Applying foreign price controls to medications covered under Medicare Part B and Part D will likely discourage the research and development of new, lifesaving drugs necessary to the well-being of our populations. Further, Puerto Rico is currently home to 12 of the world's 20 top-grossing drug developers which make up over 30% of total GDP. A policy that encourages firms to scale back or move operations elsewhere will have profound economic consequences on Puerto Rico’s already fragile economy.

For these reasons, we respectfully call on the administration to reconsider this executive order.

About the NPR Chamber

The National Puerto Rican Chamber of Commerce is a 501(c)3 non-profit organization created to support the development of entrepreneurship, innovation, and business expansion throughout Puerto Rico and the U.S. mainland by providing a comprehensive resource for incubating business ideas, leveraging new markets, taking advantage of new opportunities, and advocating for policies that help our communities grow.