THE CONTRIBUTION OF THE BIOPHARMACEUTICAL INDUSTRY IN PUERTO RICO
The important role played by the biopharmaceutical industry in Puerto Rico 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. Learn here the details of the contribution.
Economic Impact
The biopharmaceutical industry contributes 18% of the Gross Domestic Product (GDP)
Generates more than 87,400 direct and indirect jobs on the Island, this includes 18,000 direct jobs at different pharmaceutical companies that operate locally
Employees contribute more than $150 million in annual contributions
The average salary of employees in the industry is $80,000 per year
A payroll of over $1.4+ billion per year is paid
The industry sources local products and services that are valued at more than $750 million annually. The biopharmaceutical industry has made a substantial investment in infrastructure on the Island with $10,000 million in accumulated capital and an annual investment of $500 million in maintenance of this infrastructure.
In total, 8 of the 15 main biopharmaceutical companies in the world have manufacturing operations in Puerto Rico.
The biopharmaceutical industry is supported by our talented, diverse ecosystem of >87,000 individuals contributing to the success of the local business and entrepreneurs.
Innovation
See how we’ve impacted our community
Learn about the story of Edwin Domenech, diagnosed at age 35 with Multiple Sclerosis. Multiple Sclerosis is a debilitating and progressive chronic central nervous system condition that affects communication between the brain and nerves in the body.
Thanks to advances in treatments for Multiple Sclerosis, today patients can better manage symptoms and reduce the progression of the disease. This allows people like Edwin to enjoy a full life.
The Biopharmaceutical Research and Development Process
Safety
- Our innovative medicines are thoroughly evaluated in clinical trials to assure safety profiles for commercialization.
- All of our products, new and established, are constantly monitored for safety throughout the product’s life span.
- Our Industry diligently monitors and reports any adverse events to the authorities assuring accurate and up-to-date product safety for patients and healthcare professionals.
- We are committed to continue investing in patient education, promoting safety and on label use of our medicines, to foster adherence and assure the best health outcomes.
Ethics and Compliance
- Our Industry is one of the most regulated industries in the world.
- We operate in a compliant and lawful manner; nothing less is acceptable.
- We are passionate about Patient Care and are guided by the principles of Integrity, Transparency and Legitimate Intent.
Community Outreach
WE CARE about the communities where you live.
- Contributions exceeding $3 million, and thousands of volunteer hours contributed towards numerous local non-profit organizations, schools and universities.
- $1 MM of donations to Fondos Unidos de Puerto Rico equivalent to 30% of their total income, benefiting those in need.
- Protecting the environment by recycling, reducing air pollution, lowering energy consumption, and waste to landfill.
WE CARE about the advancement of Puerto Rico’s talent
- Scholarships, first job experiences, and sponsorship to student organizations.
- Training, educational materials and donations for PK to 12 aiding in the student’s journey towards their professional career.
Quality
