PUERTO RICO


PRIDCO (Puerto Rico Industrial Development Company)

 

One of the fastest growing life sciences centers in the world

Puerto Rico is already the biggest pharmaceutical manufacturing in Caribbean and South American regions and has been a top player in this industry, thanks to 40+ years developing expertise in pharmaceutical manufacturing. This industry is the key driver for Puerto Rico’s GDP at 32%, and is the largest driver of job creation.

Javier Vazquez-Morales, Esq.
Executive Director
PRIDCO
355 FD Roosevelt Ave.
Lato Rey, PR 00918
Phone: 787-764-1175
Fax: 787-764-1415
www.pridco.com
jvazquez@pridco.com

Puerto Rico offers a unique value proposition because it is a U.S. territory and therefore its regulatory, patent and other intellectual property systems are identical to those of the U.S. The local income tax rate is just 4%. For pioneer or unique products, the tax can drop as low as 1%. If the pioneer product is developed in Puerto Rico, the tax rate can actually be zero.

 

 

Uniqueness of Puerto Rico

In addition to pharmaceutical companies, Puerto Rico has a number of medical device companies. There has been over $4 billion invested since 2003. Amgen by itself invested $2 billion and is a 6 sigma manufacturer. PR also has a large agri-bio industry. Pioneer Hybrid has been in Puerto Rico since 1970 and invested $6 million for a new laboratory for corn and soy, creating about 1,000 jobs.

Merck and Wyeth (now Pfizer) launched a pilot process last year. In addition, the University of Puerto Rico has just formed an alliance with the MD Anderson Cancer Center in Houston, Texas.

Types of biotech organizations in Puerto Rico

Puerto Rico has been a special jurisdiction since 1917 as it applies to tax law: US tax laws do not apply to the residents of Puerto Rico, nor to individuals and corporations. Therefore, residents of Puerto Rico do not pay U.S. Federal tax, nor do corporations as long as they keep funds inside Puerto Rico and do not repatriate the funds to the mainland. The tax savings can be used to fund expansion within Puerto Rico.

There is a 50% tax credit for setting up an R&D facility, and the company can monetize up to 85%. There is also a $195,000 tax exemption for researchers who come to live and work in Puerto Rico.

Incentives for investment

Aerospace, which was non-existent 7 years ago, will be another addition to Puerto Rico’s economy. About 3,000 jobs will be added, and will attract good talent such as engineers. Among the aerospace companies that have already invested in Puerto Rico are Lockheed Martin, Honeywell Aerospace and Hamilton Sundstrand.

We are also seeking Contract Research Organizations. This is a perfect environment for CROs, since their customers (pharmaceutical companies) are right here on the island.

Newcomers that Puerto Rico wishes to attract

It goes without saying that our climate and our beaches make PR one of the most attractive living environments anywhere.

Puerto Rico's Environment

PRIDCO is now shifting from manufacturing to the knowledge-based sectors to create local innovations. Incubator infrastructure such as Science City is being created not only promote biotech but also to enhance the living quality of people of those facilities. We hope to make it the top science park in the Caribbean. It will be mixed use and include retailing and residential areas along with laboratories.

Vision for the future of biotech in Puerto Rico


 

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