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Puerto Rico Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Sep. 17, 2008 - 54 Pages Table of Contents
AbstractPuerto Rico’s ongoing economic problems will impact the pharmaceutical market over the forecast period.According, to BMI’s drug sector calculations, based on our new industry modelling system, the totalmarket will reach a value of US$4,139.3mn by 2012, up from US$2,647mn in 2007. In 2008, the nominalgrowth rate of the market will be 9.9%. However, in real terms, growth will be in negative territory,showing the inflationary pressure bearing on the market.In terms of company activity, the latest quarter has been quiet. One interesting move has been the return ofIsraeli generics firm Teva to manufacturing on the Island, after purchasing an API plant from Germany’sArchimica. On a less positive note, Canadian drugmaker Biovail is to close two of its manufacturing plantsin Puerto Rico, as it seeks to restructure following disappointing financial results. Production will transferto the company's existing facility in Steinbach, Manitoba. The closures are expected to take between18months to two years and are intended to reduce infrastructure expenditure and increase available capital. Although the traditional pharmaceutical manufacturing sector is struggling in Puerto Rico, BMI believesthat the country has the potential to develop a thriving industry, by producing biologics. Indeed, as a UScommonwealth, Puerto Rico operates under US law for intellectual property, currency, banking andcustoms. Yet, companies do not have to pay Federal taxes. The local rate of corporation tax is 7%. What ismore, technological expertise should give the island an advantage over rival low-tax havens in the region.Meanwhile, after updating our market forecasts, Puerto Rico has jumped to third-place in our BusinessEnvironment Rankings for the Americas region. Puerto Rico’s high per-capita spend on drugs, which is ona par with developed nations such as the US and Canada, as well as its world leading intellectual propertyaccords, ensures that the island remains a high-potential investment location. Get Full Details About This Report >> |
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