Washington, D.C. (February 13, 2024) – Today, the National Puerto Rican Chamber of Commerce issued the following statement applauding the introduction of the Ensuring Pathways to Innovative Cures (EPIC) Act, a bill proposing to equalize the period that small-molecule drugs and biologics are exempt from government price controls under the Inflation Reduction Act.

"The National Puerto Rican Chamber of Commerce is grateful to Reps. Greg Murphy (R-NC), Don Davis (D-NC), and Brett Guthrie (R-KY) for introducing the EPIC Act.

"We remain worried about the impact of the Inflation Reduction Act's price controls. In Puerto Rico, the bioscience industry indirectly or directly supports close to 80,000 jobs, many of which are in pharmaceutical manufacturing. Price controls will inevitably reduce the number of drugs developed, so will inevitably reduce manufacturing demand. This is especially worrisome for the Puerto Rican business community.

"But we're thrilled that Congress is working to fix the law's 'small-molecule penalty.' It made no sense for lawmakers to subject small-molecule medicines to price controls sooner than biologics. By exempting both classes of medicine from price controls for 13 years, the EPIC Act will ensure that science – not politicians – drives investment decisions for life-science researchers. The NPRCC urges Congress to pass the EPIC Act."

About the Chamber

The National Puerto Rican Chamber of Commerce is a 501(c)3 non-profit organization committed to fostering entrepreneurship, innovation, and business growth throughout Puerto Rico and the U.S. mainland. We serve as an all-encompassing resource for incubating business ideas, capitalizing on new markets, seizing fresh opportunities, and advocating for policies that catalyze community growth.

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