Puerto Rico’s economic development strategy is based on a clear vision: to transform our economy into a knowledge-based one in order to effectively compete in globalized economy. Part of the goals to ensure this include consolidating Puerto Rico’s position as a manufacturing leader in addition to becoming one in emerging sectors. As Puerto Rico moves toward these goals, developing a thriving biotechnology industry is a priority in order to serve as a breeding ground for innovation, the driving force of a new economic standard.
Fortunately, Puerto Rico already has key elements to attract, grow and retain successful biotech operations: advanced legislation, an ongoing reform agenda to facilitate business, and a well-developed infrastructure, transportation and telecommunications network. In addition, our sophisticated manufacturing industry provides the foundation for a strong biotechnology sector, boasting a bilingual, well-educated workforce, over 50 years of industry experience, seasoned management teams and higher-than-average productivity rates.
Currently, innovation-based sectors such as pharmaceuticals, medical devices, and biotechnology represent a third of the Island’s gross domestic product and more than half our exports. The continuous development of these industries will play a critical role in improving the quality of life of Puerto Ricans and people around the world.
The Government of Puerto Rico is committed to forging alliances with industry stakeholders and doing what is needed in order to foster growth in these areas, with advancement as our lead, Puerto Rico will show its partners around the world why we are the All-Star Island.
As part of Puerto Rico's focus on attracting Research & Development activity to the island, Act No. 73 established a Special Fund for Economic Development (FEDE by its Spanish acronym). This fund can be used for scientific and technical research and the development of new industrial product businesses, among other purposes.
Since good business often starts with great science, the Puerto Rico Science, Technology & Research Trust, an autonomous entity that receives funding from FEDE and the Scientific Research Fund of the University of Puerto Rico, among other sources, was created in 2004 to act as an agent to promote financial and industrial investments, supporting research, science and technology developments. It serves to foster collaboration among the government, academic and manufacturing sectors. The trust's main goal is to develop the technology needed and to pinpoint the infrastructure requirements to allow all sectors to maximize their contribution to our economic development.
Similarly, the Trust provides a financing option for research, development and infrastructure projects in the fields of science and technology. 30% to 40% of the Trust's annual budget is used to finance corporate activities and projects that have an impact on science and technology R&D in Puerto Rico.
The Trust provides the feeding ground to conduct business within the global knowledge economy. It offers a myriad of initiatives as part of its economic development and urban reengineering strategies in research and development:
One of the Trust’s initiatives includes the Science District, an urban reengineering initiative. The Science District advances the transformation of Puerto Rico’s economy from a manufacture-based system to one relying on the commercialization of knowledge and innovation. The District will take up over 2,000 acres (approximately 8.5 million square meters) of public and private land. Its success is based on the synergy and connectivity among all sectors. The District will interconnect existing and future academic and state-of-the-art research and development facilities, which will produce valuable knowledge, particularly when developing new products for international markets.
This District, based on the knowledge economy (science, information, latest technology, etc.), is the backbone of an ambitious strategy for economic development and urban reengineering in Puerto Rico. The Puerto Rico Science District is:
Contact us to learn more about the Science District