Puerto Rico should stop giving so much importance to the island’s tax advantages to attract investors and instead focus more on sustainability and quality at a time when the supply chain factor also increases in importance.
That is the consensus of industry experts who attended the Puerto Rico Manufacturers Association Convention over the weekend. Newly appointed Islandwide President Esther Cintrón said the supply chain phase, consisting of the network of all the individuals, resources and technology involved in the creation and sale of a product and the delivery from the supplier to the manufacturer and to the end-user, has gained enormous importance as companies in Puerto Rico are more involved in taking care of all the stages of a product themselves.
“Supply chain is now being seen as the integrating element for growth,” she added.
The change is more prevalent in the pharmaceutical sector, which is now moving toward not only manufacturing medications, but also their research and development.
During the convention, it was clear that a new pharmaceutical model is emerging in Puerto Rico as represented by Romark and Isla Pharmaceuticals, which have found a niche for growth in research and development rather than manufacturing. These companies are more focused on quality rather than on tax incentives when it comes to developing products in Puerto Rico.
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