Re: Veto Request of Puerto Rico House of Representatives Bill Number 506
Dear Governor Acevedo-Vila:
On behalf of the Biotechnology Industry Organization (BIO), we are writing to express our concerns regarding legislation pending your approval that provides for the establishment of a maximum price schedule for prescription drugs by the Puerto Rico Department of Consumer Affairs (DACO). Specifically, the bill grants DACO expanded power to institute proce controls on non-govenmental health insurance plan covered drugs purchased by the elderly population of the Commonwealth. We believe that the enactment of price control laws will create an atmosphere that discourages research investment in the biotech industry in Puerto Rico.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and realted organizations across the United States and 31 other nations. BIOP members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products.