Wednesday, June 29, 2022

Biopharma, an Economic Engine for Puerto Rico

By on May 26, 2022

Study Commissioned by Pharmaceutical Industry Association Reveals Impact

The important role played by the biopharmaceutical industry in Puerto Rico should not be relegated to simply a sector that creates jobs and collects millions of dollars for the treasury. Rather, it should be seen as a long-term investment that not only represents an important driver for the island’s economy, but also provides additional long-term benefits that assist greatly in the economic development of Puerto Rico.

That was established last week during an industry analysis presented by Estudios Técnicos to the Pharmaceutical Industry Association of Puerto Rico (PIA). Leslie Adames, director of analysis and economic policy at the research firm, gave an update on the impact of the industry, which represents $10 billion in capital investments, injects $500 million in the maintenance of its facilities each year and procures some $750 million annually in local products and services.

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