Puerto Rico’s Bioscience Highlight: OCYONBIO’s Strategic Expansion and the Island’s STEM Legacy
The pharmaceutical industry’s challenge with the shortage of sterile injectable capacity underscores the importance of strategic expansion and innovation in manufacturing capabilities. OCYONBIO’s initiative to bring online an impressive 10 million units of vials, 30 million units of syringes, and 40 million units in cartridge capacity is not just a response to this challenge but a forward-looking move that capitalizes on Puerto Rico’s unique advantages as a bioscience hub.
For over 65 years, Puerto Rico has been recognized as a leading bioscience center, dubbed the “Medicine Cabinet of the USA” due to its extensive history and expertise in the sector. This reputation is supported by the island being home to 30 medical device companies and having a significant share of FDA Class III device manufacturers. OCYONBIO’s expansion is set within this context of excellence. It is bolstered by the island’s comprehensive ecosystem supporting biosciences, including drugs and pharmaceuticals, medical devices, agricultural biotechnology, R&D, and logistics.
Puerto Rico’s education system plays a crucial role in sustaining and advancing the island’s status in the bioscience sector. With over 80 accredited universities and colleges, Puerto Rico boasts a strong STEM-oriented education system, producing many graduates equipped with the necessary skills for the bioscience industry. In 2021, the island produced 20.5K STEM degrees, highlighting its role as a leader in higher education across the Caribbean. Remarkably, 50% of university graduates in Puerto Rico hold a STEM degree, a rate six times higher than the next U.S. state, placing Puerto Rico sixth globally for the availability of scientists and engineers.
This educational prowess is crucial for companies like OCYONBIO, which benefits from the proximity to the University of Puerto Rico-Mayagüez. Ranked among the top 20 universities in the USA, the University of Mayagüez is not just an academic institution but a talent reservoir that feeds into the bioscience industry’s need for highly skilled professionals.
The Puerto Rican government’s incentives further enhance the attractiveness of investing in the island. Acts such as Act 60 provide compelling tax benefits designed to foster growth in the biosciences by offering reduced tax rates and exemptions for companies and individuals contributing to the sector’s expansion. These incentives, alongside the strategic advantages of operating within a U.S. territory—such as being governed by U.S. Federal Law, using the U.S. dollar, and enjoying domestic access to the U.S. market without customs—make Puerto Rico an ideal location for bioscience firms.
In summary, OCYONBIO’s expansion in Puerto Rico is a testament to the island’s strategic importance in the global pharmaceutical supply chain. By leveraging the island’s rich talent pool, educational excellence, and favorable business incentives, OCYONBIO is not only addressing the pressing need for increased sterile injectable capacity but also positioning itself at the forefront of the bioscience industry’s future growth.
