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Puerto Rico Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Sep 2008, Pages: 57
Puerto Rico Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Puerto Rico's pharmaceuticals and healthcare industry.
Puerto Rico’s ongoing economic problems will impact the pharmaceutical market over the forecast period. According, to BMI’s drug sector calculations, -based on our new industry modelling system, the total market will reach a value of US$4,139.3mn by 2012, up from US$2,647mn in 2007. In 2008, the nominal growth rate of the market will be 9.9%. However, in real terms, growth will be in negative territory, showing the inflationary pressure bearing on the market.
In terms of company activity, the latest quarter has been quiet. One interesting move has been the return of Israeli generics firm Teva to manufacturing on the Island, after purchasing an API plant from Germany’s Archimica. On a less positive note, Canadian drugmaker Biovail is to close two of its manufacturing plants in Puerto Rico, as it seeks to restructure following disappointing financial results. Production will transfer to the company's existing facility in Steinbach, Manitoba. The closures are expected to take between18 months to two years and are intended to reduce infrastructure expenditure and increase available capital. Although the traditional pharmaceutical manufacturing sector is struggling in Puerto Rico, BMI believes that the country has the potential to develop a thriving industry, by producing biologics. Indeed, as a US commonwealth, Puerto Rico operates under US law for intellectual property, currency, banking and customs. Yet, companies do not have to pay Federal taxes. The local rate of corporation tax is 7%. What is more, technological expertise should give the island an advantage over rival low-tax havens in the region.
Meanwhile, after updating our market forecasts, Puerto Rico has jumped to third-place in our Business Environment Rankings for the Americas region. Puerto Rico’s high per-capita spend on drugs, which is on a par with developed nations such as the US and Canada, as well as its world leading intellectual property accords, ensures that the island remains a high-potential investment location.
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