Unlocking the Potential: How Puerto Rico Incentives Empower and Benefit Pharmaceutical Businesses
Puerto Rico has long been a hub for pharmaceutical companies, with its strategic location, skilled workforce, and attractive tax incentives. These incentives have helped pharmaceutical businesses thrive and played a crucial role in enriching Puerto Rico’s economy and communities.
Puerto Rico offers a range of incentives designed to attract and retain pharmaceutical companies. One of the most significant incentives is the 50% R&D Sellable Tax Credit, which provides a substantial subsidy for research and development activities, including personnel, materials, equipment, and clinical expenses. This tax credit is a significant boon for pharmaceutical companies, as R&D is crucial to their operations.
Additionally, Puerto Rico provides access to a highly skilled workforce, with a strong presence of top-tier pharmaceutical companies such as Amgen, AbbVie, Bristol Myers Squibb, Thermo Fisher Scientific, Janssen, and others. The island also boasts US-quality manufacturing facilities that adhere to FDA regulatory processes, ensuring that products meet the highest standards.
The presence of pharmaceutical companies like OcyonBio in Puerto Rico has profoundly impacted the island’s economy. The sector is one of the most significant contributors to Puerto Rico’s GDP, providing jobs (87,000 manufacturing employees) and stimulating economic growth (46.5% of the PR economy is manufacturing operations). The tax incentives have also attracted foreign direct investment, further bolstering the economy.
Moreover, the pharmaceutical industry has played a vital role in developing Puerto Rico’s workforce. The industry has created numerous high-paying jobs, providing opportunities for Puerto Ricans to develop their skills and contribute to the island’s prosperity. The presence of world-class manufacturing facilities has also facilitated technology transfer and innovation, further enhancing Puerto Rico’s competitiveness on the global stage.
In conclusion, Puerto Rico’s incentives for pharmaceutical businesses have been a win-win situation for both the companies and the island. The tax credits and access to a skilled workforce and top-notch manufacturing facilities have enabled pharmaceutical companies to thrive. At the same time, the economic benefits have helped to enrich Puerto Rico’s communities and economy. As Puerto Rico recovers from recent challenges, the pharmaceutical industry will undoubtedly play a crucial role in driving the island’s growth and prosperity.
References:
Contamination-control conferences target Brazil, Puerto Rico markets | Semiconductor Digest. https://sst.semiconductor-digest.com/2005/07/contamination-control-conferences-target-brazil-puerto-rico-markets/
