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/ Wednesday, February 9, 2022
Industries with the Potential to Grow Locally
The financial and pharmaceutical sectors are positioned for success
P
Zoe Landi Fontana, The Weekly Journal
uerto Rico is a value-rich destination for international industry leaders. Participants in Forbes’ “Emerging Borders” event discussed the opportunities for growth offered by the island which is home to a burgeoning techno-renaissance, exemplary workforce, and generous tax incentives. These three facets, described by event organizers as “a vital ecosystem primed to support businesses with favorable benefits and advantages”, are what organizations like Invest Puerto Rico use to promote foreign investment on the island. The Finance Sector The COVID-19 pandemic accelerated the use J. Robert Collins, Jr., Chairman and CEO of of technology in daily life and business. With the Mercantile Bank International, is an example of increasing importance of cybersecurity, blockchain the type of business Invest PR wants to see on technology, and green/blue tech worldwide, Puerto the island. He predicts that in the next five to ten Rico, some investors believe, is the ideal place to years, the island will become an international hub where leaders in these industries should relocate. for the financial services sectors, especially those When suppliers located in Asia couldn’t meet related to the blockchain. the pandemic’s demand for the “At the time they created these manufacturing and distribution incentive programs, there was very of medical equipment and little like this going on in the world,” pharmaceutical products said Collins. With ‘creativity and due to supply chain issues, thoughtfulness’ the government According Puerto Rico stepped in. This leveraged itself to become to the Puerto provided the island with an competitive for international Rico Department opportunity to fill the gap and investors, spurring what Collins of Economic emphasized the importance called “a zeitgeist –a hub, if you will– Development and of its relationship with the of knowledge and information,” Commerce, the U.S. as well as its role as a link comparing it to the likes of Silicon pharmaceutical within the Caribbean and Latin Valley in the early 90s. industry has a total America. aggregate economic The island, panelist Rodrick Pharmaceutical and Medical impact of $4.3 Miller, CEO of Invest Puerto billion. Device Manufacturing Rico recalled, “has the most The island has a long legacy aggressive incentives in the in the manufacturing of medical country.” The organization is and pharmaceutical devices. focused on reaching out to Top international medical device companies around the globe with their campaign manufacturing companies such as Medtronic, “Welcome home, game-changers”. They provide Abbott Medical Optics, and Coopervision, among direct support in relocating, finding talent, and others, operate out of Puerto Rico. According navigating systems such as the permit process to the Puerto Rico Department of Economic and how to leverage the generous incentives the Development and Commerce (DDEC, for its business will receive upon moving operations to Spanish acronym), the industry has a total Puerto Rico.
In fact,
Puerto Rico is as sophisticated and resourceful as any other country around the world… the resilience of the people here and their commitment to their companies is unsurpassed. Ricardo Zayas COO, Ocyonbio
aggregate economic impact of $4.3 billion – 4.1% of its total GDP. Additionally, Puerto Rico has over 50 years of experience in pharmaceutical manufacturing and is home to leading multinational pharmaceutical companies that manufacture two dozen types of pharmaceutical products. Combining direct, indirect, and induced jobs, the industry creates employment for 153,997 people and makes up 16.3% of the GDP. Ricardo Zayas, COO of Ocyonbio, which provides companies with facilities to manufacture and develop pharmaceutical products, highlighted the importance of the Puerto Rican people as being one of the keys to success. “Puerto Rico is as sophisticated and resourceful as any other country around the world…the resilience of the people here and their commitment to their companies is unsurpassed,” said Zayas.
