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 Biotech
giants including Abbott, Eli Lilly and Amgen have found great operational
and financial benefits in Puerto Rico. Recent investments in this
sector include $800 million-Amgen, $450 million-Eli Lilly, and
$350 million-Abbott Laboratories. These investments cover only
the plant and equipment costs for bulk biotech manufacturing. Once
operating, these projects will employ over 1,200 people. Biotech
has moved from the lab to the factory, and Puerto Rico is leading
the way. Of course, the island also has biotech fill/finish
facilities.
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Major Research Programs underway in Puerto Rico include
- Center for Research in Protein Structure, Function and Dynamics
- Center for Molecular Development and Behavioral Neuroscience
- Clinical Research Centers at the Puerto Rico School of Medicine
and the Ponce School of Medicine.
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Puerto Rico’s bilingual and
available workforce is well prepared to meet the needs of companies
operating on the Island, as well as those establishing or expanding
operations. Almost 40 years of manufacturing experience in the
pharmaceutical sector has given rise to an elite group of highly
educated, innovative and dedicated management teams with extensive
regulatory experience. A recent study has shown that productivity
rates per dollar in Puerto Rico are significantly higher than the
U.S. average. This, combined with high capacity transportation,
advanced telecommunications and electrical infrastructure and an available supply of water
makes Puerto Rico the location of choice for biotech/pharmaceutical
manufacturing companies.
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Puerto Rico is the lowest cost
gateway to the most lucrative life sciences market in the world.
Here you can enjoy the benefits of operating within a U.S. jurisdiction,
with the added tax benefits of operating under a foreign tax
structure. Puerto Rico’s value proposition offers an unparalleled
combination of both financial and operational advantages that include:
- no U.S. federal income tax
- a local corporate income tax rate of 7% - 2%
- U.S. dollar and banking system
- U.S. legal system including intellectual property protection
- U.S. customs area and easy access to U.S. mainland markets
And biotechnology companies may qualify for “Pioneer” status
resulting in an income
tax rate of 2% or lower.
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Biotechnology companies also
find a ready supply of educated workers at all skill levels. Puerto
Rico universities graduate some 23,000 bilingual students each
year, 9,000 with degrees in science, engineering and technology.
That places the Island 9th in the U.S. in terms of engineering
degrees awarded. Well-recognized Ph.D. programs provide researchers.
Puerto Rico has a loyal, productive workforce, trailing only Japan
in the fewest number of days lost to labor disputes per manufacturing
employee, and wage rates are typically 20% to 30% lower than
those on the mainland for the same position. A variety
of wage and training grants are available as are both U.S. federal
and local training
programs.
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The Island has spent billions of
dollars to insure a world-class infrastructure that includes
- 100% digital switching telecommunications network
- 4,600km of fiber optic cable creating 12 self-healing rings
- 92 satellites connect Puerto Rico with the world
- 7th busiest container port in the Western Hemisphere,
in San Juan
- 40 shipping lines provide service to 80 domestic and foreign
ports
- International and regional airports with some 4,300 cargo flights
per month
- A system of highways and superhighways insure that no location
is more than 2 hours from an airport or seaport
- 5,359mw of diversified electrical generating capacity
Learn more
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Puerto Rico also has a full range
of suppliers providing everything from packaging and labels to
validation.
PRIDCO (Puerto Rico Industrial Development Company) is the agency
of the Commonwealth of Puerto Rico tasked with assisting companies
to set up operations on the Island. In addition to “fast tracking” permits
and other documents necessary to operate, PRIDCO is the largest owner
of industrial real estate on the Island, with some 25 million square
feet, of which 1.5 million is available for rental. And PRIDCO’s
assistance doesn’t end with the commencement of the new facility.
A PRIDCO representative is assigned to visit each facility on a regular
basis to insure that any minor problems are quickly resolved.
Puerto Rico offers the tax advantages of being offshore with the
safety and quality of life of staying home. For more information
or to schedule a meeting with a PRIDCO Special Projects Manager you
can either e-mail us at info@pridco.com or
call toll free at 1-888-5-PRIDCO (774-3226).
For additional information, visit the Puerto Rico BioTechnology
Alliance www.biotechpr.org.
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