Congressman Michael McCaul is celebrating President Obama’s signing of a law he authored to help sick children.

McCaul co-sponsored the “Creating Hope Act." The law creates federal incentives for pharmaceutical companies that develop drugs to treat rare childhood diseases like sickle cell anemia and cancer.

According to McCaul, the drug industry has stalled its creation of these medicines because other, more widely used drugs are more profitable.

"We do a lot of stuff up here that quite honestly doesn’t mean a whole lot. This is something that I think will make a difference in the lives of children," McCaul said.

McCaul says that since 1980, the Food and Drug Administration has approved only one new drug to treat childhood cancer.

Under the law, companies that develop drugs to treat pediatric illnesses will receive vouchers to help speed up the approval process for their more profitable drugs.

The law will go into effect in 90 days.