Invest Puerto Rico (InvestPR), the Island’s economic development organization, continues to make inroads in its efforts to reshore BioScience activities back to the U.S.
In partnership with multinational advertising agency Wunderman Thompson Puerto Rico, InvestPR launched the campaign Accelerate Success with the underlying theme that the Future of BioScience is in Puerto Rico, further highlighting Puerto Rico’s assets and value proposition for life science manufacturing and R&D.
The campaign is part of InvestPR’s overall strategy to elevate Puerto Rico as a competitive business and investment destination. InvestPR responded to the pandemic by prioritizing the local BioPharma sector, implementing initiatives to reshore and secure the U.S. industry supply chain. The campaign positions the Island as the nexus of opportunity for companies in the industry, which stand to benefit from advanced technology, new capabilities, and expanded market access at higher cost efficiency, accounting for Puerto Rico’s 60-year legacy in the sector.
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“Puerto Rico has long served as a medical device and pharmaceutical manufacturing center, and officials believe we can do more to boost the sector further. As such, we are ramping up efforts to aggressively recruit BioPharma companies that can benefit from Puerto Rico’s value proposition, anchored in innovation, infrastructure, human capital, a business-friendly ecosystem, incentives, and more. This campaign seeks to evangelize our messaging among key audiences, including BioScience companies, site selection consultants, investors, policymakers, and others,” said Rodrick Miller, CEO of InvestPR.
Accelerate Success touches on Puerto Rico’s readiness to support BioScience activities. The Island features move-in-ready facilities and comprehensive industry support that enables companies to build world-class customized life science facilities.
Also, ongoing improvements to Puerto Rico’s existing infrastructure will accommodate greater manufacturing output. An increased connectivity rooted in an advanced 5G-enabled Internet of Things (IoT) network that connects devices in Puerto Rico with international IoT grids, artificial intelligence, automation, and more.
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Furthermore, in collaboration with the Puerto Rico Department of Economic Development and Commerce (DDEC by its Spanish acronym), local industry, and stakeholders, InvestPR continues to elevate the Island’s 2020 designation as the first location in the U.S. to receive a waiver for an international cargo and passenger transfer hub. This unique waiver allows Puerto Rico to leverage its logistics expertise, establish new international travel and commercial routes, help companies cut costs, reduce shipping times, and ensure top-quality handling of any product.
Miller noted that 2021 got off to a running start with several opportunities within the pharmaceutical, logistics, and technology sectors that shed light on Puerto Rico’s value as an investment destination. InvestPR recently announced the arrival of CytoImmune Therapeutics and BioSimilar Solutions on the Island, both cell therapeutic companies, further solidifying the future of the industry, strengthening Puerto Rico’s foothold as a leading pharmaceutical manufacturing hub.
Snapshot: BioSciences in Puerto Rico
- A global tech leader with cutting-edge technology that accounts for the 6th highest concentration of engineers and scientists in the world.
- A vast and growing scene supported by island-wide Information & Communications Technology (ICT) and Software Development infrastructure, including an advanced OG to 5G network that connects devices in Puerto Rico with international IoT grids.
- First in the U.S. to be designated as a transshipment hub, expanding the Island’s new expanded cargo transfer capabilities. This unique waiver improves Puerto Rico’s competitiveness, supporting new international travel and commercial routes that help companies cut costs, reduce shipping times, and ensure top-quality handling of any product, all supported by local expertise.
- Boasts 12 of the world’s 20 top-grossing pharmaceutical companies (J&J, Roche, Pfizer, Novartis, and Merck), with eight of the 15 top-selling drugs having been manufactured on the Island.
- It has a network of universities that are educating a growing number of STEM and health science professionals. Approximately 26,500 bachelor’s degrees and 5,000 post-graduate degrees in science are awarded annually. 60 percent of graduates are STEM majors, 6x greater than the highest concentrations among the 50 states.