Puerto Rico makes its case as the next pharma supply chain hub via virtual event

SAN JUAN, Puerto Rico, June 15, 2020 /PRNewswire/ -- The bioscience industry tops Puerto Rico's plan for economic transformation, both to overcome the challenges of the current pandemic and to fuel the U.S. territory's development for the future. This is the case that Invest Puerto Rico (InvestPR), the island's economic development and investment promotion organization, will make in Preparing for Global Volatility: Reshoring & Securing Your Supply Chain.

The virtual presentation, which will take place on June 18 from 1:00 p.m. to 2:00 p.m. (EST), will gather industry leaders and key stakeholders to showcase Puerto Rico's legacy in the sector, as well educate Biosciences companies and site selection consultants on why Puerto Rico is a prime location for reshoring.

According to Rodrick Miller, CEO of InvestPR, "The objective of this event is to speak directly to the site selection community and present them Invest Puerto Rico's capabilities to be a resource and support mechanism for companies and their endeavors. This will also be a platform to leverage validation from on-island industry leaders, who can speak to Puerto Rico's key value proposition as hub in the sector."

Among the speakers confirmed to participate in the presentation are Michelle Comerford, Project Director & Industrial & Supply Chain Practice Leader at BLS Strategies; Jason Hickey, President of Hickey & Associates; and Elizabeth Plaza, President of Pharma-Bio Serv, Inc.

For his part, Michael Gay, Chief Business Development Officer at Invest Puerto Rico, noted, "Puerto Rico has long served as a medical device and pharmaceutical manufacturing center, and officials believe more can be done to boost the sector even further. As such, we are ramping up efforts to aggressively recruit life sciences companies that can greatly benefit from Puerto Rico's value proposition, which is anchored in innovation, infrastructure, human capital, business-friendly ecosystem, incentives and more."

Puerto Rico's life sciences sector already boasts 12 of the world's 20 top-grossing pharmaceutical companies (J&J, Roche, Pfizer, Novartis and Merck). Also, five of the world's top 10 selling drugs in 2018 were manufactured on the island (Humira, Eliquis, Opdivo, Enbrel and Xarelto). Internationally, eight of the 15 top-selling biopharmaceutical products are made in Puerto Rico. In 2019, Puerto Rican pharmaceutical exports totaled more than $44 billion. Of that, $30.89 billion was exported to the U.S. market, while $13.2 billion went to other countries, significantly more than any U.S. state. In 2019, nine out of Puerto Rico's top 10 commodity exports to the rest of the world were pharmaceutical or medical device products. That sector makes up 30% of Puerto Rico's GDP, 50% of Puerto Rico's total manufacturing and 30% of manufacturing jobs.

At a recent virtual event hosted by InvestPR, Dr. Jeremy M. Levin, Chairman of the Board, Biotechnology Innovation Organization, expressed support of Puerto Rico's strategy to attract reshoring opportunities for manufacturing companies to the island. He noted that, with a national focus on attracting even more medical supply and pharma manufacturers, Puerto Rico is well-positioned to boost production to unprecedented levels, attract additional manufacturers to the island and reaffirm its position as the essential manufacturing hub in the U.S.

Preparing for Global Volatility is one of many undertakings Invest Puerto Rico is pursuing as part of its plan to reshore BioSciences manufacturing. The organization participated last week in BIO International and frequently hosts virtual conferences and roundtable discussions to continue to extol the virtues of the island's viability and resilience among industry leaders.

"Puerto Rico is already the U.S.'s pharmaceutical powerhouse; but we can leverage its impressive assets to make the U.S. supply chain safer and more secure from global disruptions. We can ensure that Americans get access to the highest quality and most cost-effective drugs on the market. The U.S. should not have to rely on imported goods to care for its 331-plus million residents," noted Miller.

Registration for the Preparing for Global Volatility: Reshoring & Securing Your Supply Chain virtual event is now open at https://bit.ly/IPRGlobalVolatility.

About Invest Puerto Rico
Invest Puerto Rico is the economic development organization created by law with the objective of promoting Puerto Rico abroad as a competitive jurisdiction for investment, focused on attracting new businesses and capital to foster economic growth on the Island. Our vision is be an entity focused on results, that accelerates Puerto Rico's transformation and generates more and better jobs on the island.

SOURCE Invest Puerto Rico