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Puerto Rico Pharmaceuticals and Healthcare Report Q1 2008
Business Monitor International, March 2008, Pages: 53
The Puerto Rico Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Puerto Rico's pharmaceuticals and healthcare industry.
Puerto Rico’s pharmaceutical market was hit by more bad news in the second half of 2007 as a number of multinationals revealed plans to downscale their manufacturing presence on the island, adding to wider economic problems. While the slight contraction witnessed in the pharmaceutical market between 2006-2007 is not expected to be repeated, growth will be slow. The drug market was valued at US$1.77bn in 2007 and should reach US$1.94bn by the end of the forecast period in 2012, representing sluggish 1.85% CAGR.
Slow drug market expansion and the retreat of multinationals are related to the wider cloud that continues to hang over Puerto Rico’s economy - real GDP will struggle to reach 1% over the forecast period, although the contraction in real terms seen in 2007 should not be repeated. The traditionally privileged trade position that Puerto Rico held with the US is being eroded by concerns over the future of tax incentives at the same time as several Latin American rivals increase their own economic ties with the US through free trade agreements (FTAs). Meanwhile, the government is in a precarious position fiscally speaking, with a soaring budget deficit that may threaten health spending.
For Q108 BMI has overhauled its Business Environment Ratings methodology. The most obvious change comes with the inclusion of the US and Canada in the rankings table – made possible due to a uniform ratings criteria employed across all 61 states in BMI’s pharmaceutical universe. It is no surprise that the US and Canada occupy the top two spots, leaving Puerto Rico in fourth place behind only Mexico in Latin America. The strong showing is a welcome bright spot for the drug industry and has been made possible by favourable US-aligned policies and regulation that make for the most stable business environment outside North America.
In the second half of 2008, both GlaxoSmithKline and Bristol-Myers Squibb (BMS) joined the list of multinationals with plans to close factories on the island, while Pfizer announced further job cuts at its own factory. However, BMI has hopes that Puerto Rico can turn around its flagging fortunes. The island is hoping to re-brand itself as a ‘high-tech hub’ as well as a centre for active pharmaceutical ingredient (API) manufacturing, which should play to its strengths as it loses its high-volume drug manufacturing edge. Proximity to the US, a skilled workforce and strong investment in infrastructure over a number of years should maintain the attraction of Puerto Rico to the pharmaceutical industry, albeit in a different form to that if the past.
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