Reshoring: Puerto Rico is the Solution
Puerto Rico is the largest exporter of biopharmaceuticals in the United States and the fifth largest pharmaceutical manufacturing territory in the world.
With more than 60 years of manufacturing experience, Puerto Rico has the infrastructure needed to establish manufacturing, R&D or supply chain operations in the United States— producing exports of $13.2 billion yearly, more than any state. It also offers an aggressive tax incentive program designed to promote pharma, technology and bioscience industries.
Why Puerto Rico?
Puerto Rico is strategically located in the Caribbean and, as a US jurisdiction, its pharmaceutical operations are subject to federal laws and regulations. Likewise, its technology and research and development activities are protected by US patent laws. Puerto Rico has a multigenerational US trained and highly skilled workforce with 8.6 times more concentration of pharmaceutical experts than the national average. It also has a sophisticated logistics infrastructure designed for high security transfer of controlled substances. The Island’s competitive tax offering outsteps its foreign competitors. Most importantly, local incentives can be complemented with federal tax programs, including opportunity zones among others.
Puerto Rico Tax Incentives Code, Act 60 of July 1, 2019, offers aggressive tax benefits to promote manufacturing and a variety of other industries.
Puerto Rico is best positioned with the infrastructure, talent, tax incentives and expertise to offer a competitive and viable solution to bring offshore production back to the United States.
Contact us to explore these opportunities.