Year in, year out pharma world is witnessing an unprecedented growth in manufacturing activities. And in tandem with this growth, Puerto Rico, a Commonwealth of the United States, is also growing in popularity as a favourite destination for manufacturing activities, especially those related to pharma, biotech and medical devices industries.
It's axiomatic that manufacturing is the lifeblood of pharma world. Hence, never can pharma companies do away with manufacturing activities, no matter what all barriers they have to beat. Same is the case with biotechnology and medical devices industries. With Puerto Rico casting a spell on these industry players with its skilled workforce, strong infrastructure and new tax incentives, leading players are fleeing to this beautiful tropical island to set up their manufacturing bases.
Already, majority of the top twenty pharmaceutical companies, including AstraZeneca, Abbott Laboratories, Bristol-Myers Squibb, GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Pfizer and Wyeth have established their presence in this abode of manufacturers to take advantage of the tax incentives and other factors. This incessant flow of pharma players have helped Puerto Rico become the world's fifth largest pharmaceutical manufacturing region, after US, UK, Japan and France.
"The skilled production, educated workforce, nearly 50 years of success and passion for winning within such a competitive global pharmaceutical marketplace will continue to drive Puerto Rico as a leader in drug manufacturing," said, Kevin Richards of Reed Life Sciences, a division of Reed Exhibitions.
According to sources, US tax incentives like cent per cent exemption from excise taxes on raw materials, machinery and equipment for manufacturing and an accelerated depreciation on new manufacturing machinery and equipment with unlimited loss carry forwards have played a major role in moulding pharmaceutical manufacturing cluster in the island.
Also, in an effort to propel and attract more and more players into the island's biotechnology industry, the government has introduced new tax incentives for research and development, process development, scale-up and manufacturing. Currently, Puerto Rico has players like Amgen, Eli Lilly, Ortho Biologics and Abraxis BioSciences in its biotech kitty.
To cap it all, this Commonwealth of US also fosters a flourishing medical device cluster. Major medical device companies such as Baxter, Medtronic, Stryker, Becton Dickinson, US Surgical, Unilever, Roche and Guidant have all made investments in this island. Apart, Puerto Rico is a fortune ground for job seekers in pharma, biotech and medical devices manufacturing sector, as these industries in island is known to create more than 30 per cent of region's total employment in manufacturing.
"Puerto Rico has been a home to a majority of the leading pharmaceutical and medical device manufacturers for years. In fact, over 100 companies have facilities on this island. Known for its highly educated, innovative and skilled workforce, extensive regulatory experience and a rich history of product delivery, Puerto Rico has become one of the largest high tech manufacturing centres in the US. Also, the future of this island remains bright as it focuses on research and development and biotechnology, apart from its continuation as a leader in drug and device manufacturing," said an industry expert.
Now, the stage has set for the pharmaceutical, biotechnology and medical devices manufacturers across the globe to enter this island's manufacturing cluster, though not for setting up their manufacturing base in this abode of manufacturers. However, what's in offer for these players is a platform for professional advancement, networking and source of innovation and education. Yes, it's time to attend Interphex Puerto Rico 2008, the Caribbean's premier event for pharmaceutical and biopharmaceutical manufacturing.
Organised under the aegis of Reed Exhibitions, Interphex Puerto Rico 2008 would be held at Puerto Rico Convention Center, San Juan from February 14 to 15, 2008. The event, which is regarded as innovation and education for pharmaceutical manufacturers in the favourite house of pharmaceutical manufacturers, would feature in depth educational workshops and a trade expo, wherein one can showcase ones products and services to other event participants.
Referring to the importance of Interphex Puerto Rico 2008, the organisers said, "This year, Interphex Puerto Rico would gather more than 350 solution providers to exhibit their equipment, products and services that focus on the needs of pharmaceutical and biopharmaceutical manufacturers. However, the main attraction of the event would be five conference tracks focused on today's most important issues that impact performance and productivity of companies." The event is also expected to provide an opportunity to attendees to share insights and ideas with business professionals from Puerto Rico's life sciences community.
This year, conference and exhibition on Supply Chain and Logistics Puerto Rico and Medical Device Puerto Rico would be held along with Interphex Puerto Rico. While Medical Device Puerto Rico is the island's most trusted source for education, innovation and collaborative opportunities in the field of high tech precision medical device manufacturing, Supply Chain and Logistics Puerto Rico would bring the region's supply chain and logistics professionals together to source solutions and technology for their procurement, inventory management, warehousing, material handling and transportation needs.