For the past 65 years, Puerto Rico has been known as the “Medicine Cabinet of the USA” embracing all the unique advantages that make it an ideal investment destination in the bioscience industry: a favorable business climate and a highly skilled, educated, and bi-lingual workforce, coupled with attractive tax incentives. Competitive advantages include strategic location, government support, and well-established infrastructure — all within the support of U.S. protections and legal framework.
Puerto Rico has demonstrated excellence in sterile manufacturing for more than 30 years. Of the 15 top-selling pharmaceutical products in the world, eight are made in Puerto Rico. Why do top biosciences firms choose to have operations in Puerto Rico?
Support networks are available for every stage of the pharmaceutical business, from planning and designing to construction and plant management.
Professional expertise and local excellence in medical device manufacturing and regulatory compliance has made Puerto Rico home to 11 of the top 20 Class III device manufacturers.
Public and private universities focus on engineering, biomedical sciences, and best business practices.
A sophisticated logistics system is designed for the high-security transfer of controlled substances.
Ten ag-bio stations and year-round farming cycle offer excellent research and growing conditions.
The dependence on China for some of our most basic medicines and equipment during a health crisis revealed an untapped opportunity in Puerto Rico. With substantial pharma and medical device facilities, the island is positioned to boost the production of critical supplies, attract additional manufacturers, and continue to grow as one of the United States’ essential manufacturing hubs.
Bringing bioscience manufacturing back to the United States is a concrete way to strengthen the supply chain.
*SOURCES: New York Times (March 2020), U.S.-China Economic and Security Review Commission (December 2020), Council on Foreign Relations (Aug. 2019), Nikkei Asia (August 2020), GAO report (December 2019).
Puerto Rico’s future is here today. The island accounts for a 60+ legacy of excellence in bioscience and offers a wealth of opportunities in diversified sectors from technology, financial & professional services to entrepreneurship.
More than 80 local universities graduate 50% of students in the STEM fields in Puerto Rico. This propels an able workforce with a robust academic backbone that contributes to a large pool of talented workers.
Puerto Rico Incentives Code (Act 60) accelerates economic growth by fostering investment, innovation, export, and job creation. Individuals sourcing their income from Puerto Rican companies are exempt from federal income taxes.
Puerto Rico has been a world-class business hub for decades. More than ever, businesses are attracted by the new infrastructure and sophisticated logistics capabilities with accessibility to U.S. cities, Europe, and Latin America.
A combination of start-up incubators, incentives, shared workspaces, and a tropical lifestyle has created a global hub for entrepreneurs. The island features abundant resources and compelling incentives.
During this era of resilience, Puerto Ricans are accustomed to weather disruptions and know how to prepare and recover from them.
A variety of industry associations support companies and entrepreneurs, and a robust network of government offices, community groups, and universities are available to assist.
Experience Puerto Rico’s rich culture with access to beaches, mountains, rainforests, live music, dancing, street festivals, delicious food, and so much more!
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