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Puerto Rico Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Dec 2010, Pages: 77
The Puerto Rico Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Puerto Rico's pharmaceuticals and healthcare industry.
Although Puerto Rico has established itself as one of the leading pharmaceutical manufacturing hub globally, its attractiveness has been marred by recent issues with the quality of output from some of the plants on the island. Additionally, pharmaceutical and biotechnology firms operating in Puerto Rico are now facing increases in operating costs, following the October 2010 passage of a new tax law that imposes a discriminatory 4% tax on non-resident companies operating in the territory.
The law not only goes against the government’s attempt to foster scientific innovation, but may also lead to further plant closures, thus negatively impacting the island’s export potential. Puerto Rico is already in danger of losing medicine manufacturing plants to Latin America, which is investing heavily in developing its exporting industry and, most importantly, has the bonus of massive domestic demand. Against this back drop, the government is also battling deep recession and decades-old fiscal deficit, which currently stands at US$3.2bn. Given that implementation of crucial austerity measures are being hampered by the outbreaks of civil unrest and elevated unemployment levels, the government has been forced to look for alternative sources of revenue, although those strategies are likely to prove counterproductive in the longer run. Only a slight economic expansion is expected over the medium term, and real GDP growth of 0.9% y-o-y is forecast for 2010 and 0.7% y-o-y for 2011.
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