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 Puerto
Rico’s bilingual and available workforce is well prepared
to meet the needs of pharmaceutical companies operating on the
Island, as well as those considering expanding or establishing
manufacturing facilities. 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.
Puerto Rico also offers pharmaceutical manufacturers a full range
of suppliers and
services, including the availability of contract manufacturers.
The pharmaceutical sector in Puerto Rico employs some 28,000 people.
Over USD $31 billion worth
of pharmaceutical products were shipped from Puerto Rico in 2003.
In fact, Puerto Rico was the world’s largest international
shipper of pharmaceutical products in 2003 with a 24.5% share of
total shipments.
Companies that have made recent investments in this sector include Pfizer,
Johnson & Johnson, Merck and IVAX. European pharmaceutical
companies operating in Puerto Rico include Warner Chilcott
(Ireland), Clariant (Switzerland), AstraZeneca (UK), and GlaxoSmithKline
(UK).
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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
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Pharmaceutical 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 recent study has shown
that productivity rates per dollar in Puerto Rico are significantly
higher than the U.S.A. average. 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,
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
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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 Project Manager
you can either e-mail us at info@pridco.com or
call toll free at 1-888-5-PRIDCO (774-3226).
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Supporting the pharmaceutical industry cluster are the following
associations:
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