With many of the top pharmaceutical and medical device companies in the world operating in Puerto Rico, it’s easy to understand why the island is a major manufacturing center not only in its region, but also in the entire world. In fact, Puerto Rico’s Business Star Proposition is tailored around its infrastructure and attractive tax incentives for the manufacturing industry.
There's a reason why more than half of the world's leading pharmaceutical companies have operations on the island and 11 of the top 20 prescription medications sold in the US are manufactured in Puerto Rico. It's the same reason why we're one of the top jurisdictions with the highest volume in the biotechnological sector, in the top 5 jurisdictions with the highest volume in the pharmaceutical sector and one of the top 10 jurisdictions within highest volume in the medical device sector.
In just one phrase, we can explain why we are a major manufacturing location in the world and why 13 of the top 16 medical device companies have presence in Puerto Rico: Attractive Tax Incentives. Through Act No. 73 of 2008, known as the Economic Development Incentives Act, Puerto Rico provides tax incentives for companies that establish and expand their island operations as well as tax credits for creating jobs and investing in research and development.
Puerto Rico is one of the most important biopharmaceutical manufacturing centers in the world, with more than 50 years experience in pharmaceutical manufacturing and 30-plus years experience in sterile pharmaceutical manufacturing. Our mission is to retain, expand and diversify the industrial base and attract manufacturing of high-value products based on R&D and cutting-edge technology. With 79 FDA-approved pharmaceutical plants scattered across the island, Puerto Rico is home to top multinational pharmaceutical companies, including Astra Zeneca, Abbott, Bristol-Meyers Squibb, Merck, Pfizer, Eli Lilly, and numerous others. Moreover, many companies operate more than one site on the island.
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