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2007-02-01 | permalink
Island Dreams - Puerto Rico has designs on becoming the next hub for both biotech manufacturing and research
map of municipalities of Puerto Rico supporting life science business
Scanning down the list of companies packed onto the 100-mile-long island of Puerto Rico is like reading a who"s who of the drug industry; in the past few decades, nearly every U.S. firm has shipped at least part of its manufacturing to the commonwealth, largely to enjoy hefty tax breaks and an ample, affordable workforce. Firms providing support services have cropped up around the drug facilities, establishing the infrastructure for what is now widely recognized as a manufacturing powerhouse. [...] Yet all that investment in Puerto Rico isn"t happening in a vacuum. The commonwealth enjoyed decades of unmitigated success in attracting traditional drug companies, but competition for biopharmaceutical projects has quickly taken hold. Ireland and Singapore have become aggressive suitors for biotech business, and it is becoming apparent that Puerto Rico will need to step up its game to continue to be a major player. Puerto Rico "now realizes that Singapore wants what they have" and is going after it full force, says Paul Romness, an economic development consultant at Odell Simms & Associates.
Overview
News
2007-02-01 | permalink
Island Dreams - Puerto Rico has designs on becoming the next hub for both biotech manufacturing and research
map of municipalities of Puerto Rico supporting life science business
Scanning down the list of companies packed onto the 100-mile-long island of Puerto Rico is like reading a who"s who of the drug industry; in the past few decades, nearly every U.S. firm has shipped at least part of its manufacturing to the commonwealth, largely to enjoy hefty tax breaks and an ample, affordable workforce. Firms providing support services have cropped up around the drug facilities, establishing the infrastructure for what is now widely recognized as a manufacturing powerhouse. [...] Yet all that investment in Puerto Rico isn"t happening in a vacuum. The commonwealth enjoyed decades of unmitigated success in attracting traditional drug companies, but competition for biopharmaceutical projects has quickly taken hold. Ireland and Singapore have become aggressive suitors for biotech business, and it is becoming apparent that Puerto Rico will need to step up its game to continue to be a major player. Puerto Rico "now realizes that Singapore wants what they have" and is going after it full force, says Paul Romness, an economic development consultant at Odell Simms & Associates.
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