The Allure of Puerto Rico: A Prime Destination for Pharmaceutical Ventures
Puerto Rico, with its rich history, vibrant culture, and stunning landscapes, is a tourist paradise and a thriving hub for the pharmaceutical industry. The island has carved a niche, attracting over half of the top 20 global pharmaceutical companies. These pharmaceutical companies obtain benefits from operating in Puerto Rico, such as:
* Global Presence: Puerto Rico is a preferred manufacturing location for 11 of the top 20 global pharmaceutical companies. This global presence has fostered a conducive environment for pharmaceutical ventures, providing ample opportunities for collaboration, innovation, and growth. The presence of significant players in the industry also means that businesses can tap into a wealth of knowledge and expertise, further fueling their success.
* Job Creation and Skilled Workforce: The pharmaceutical industry is a significant source of employment in Puerto Rico, generating more than 18,000 jobs annually. This contributes to the island’s economy and ensures a steady pool of skilled and experienced workforce for pharmaceutical companies. The availability of a talented workforce is a crucial factor that makes Puerto Rico an attractive destination for pharmaceutical ventures.
* Tax Contributions and Incentives: The pharmaceutical industry contributes more than US$3 billion in taxes to Puerto Rico’s economy. Additionally, the island offers various tax incentives and business benefits, making it a financially viable location for pharmaceutical ventures. These tax advantages and a robust economy create a fertile ground for businesses to thrive.
* Presence of Top-Grossing Companies and Top-Selling Brands: Puerto Rico is home to 10 of the world’s 20 top-grossing pharmaceutical companies, producing top-selling brands such as Humalog, Humira, Eliquis, Opdivo, and Enbrel. This adds to the island’s prestige and provides ample opportunities for businesses to learn from the best and elevate their operations.
* Strategic Location and Infrastructure: The island’s strategic location in the Caribbean and its state-of-the-art infrastructure make it an ideal location for pharmaceutical ventures. The well-developed roads, ports, and airports facilitate easy transportation of goods, while the modern facilities ensure businesses have everything they need to operate efficiently.Puerto Rico offers a plethora of benefits for those looking to start or maintain a pharmaceutical business. From its global presence, skilled workforce, and tax incentives to the presence of top-grossing companies and strategic location, the island has everything that a pharmaceutical venture needs to succeed. As Puerto Rico continues to grow and evolve, it is poised to remain a prime destination for the pharmaceutical industry, promising prosperity and success for those who choose to invest in its vibrant economy.