Puerto Rico’s pharma industry is also crucial for biotech R&D
BioSpace 21 [BioSpace; 2-3-2021; "Invest Puerto Rico elevates the Island's role as a global bioscience R&D and manufacturing hub attracting two major life-critical investments, $228M in new activity"; https://www.biospace.com/article/releases/invest-puerto-rico-elevates-the-island-s-role-as-a-global-bioscience-r-and-amp-d-and-manufacturing-hub-attracting-two-major-life-critical-investments-228m-in-new-activity/; Accessed 7-10-2023; AW]
In line with its mission of promoting investment and economic development in the Island, economic development organization Invest Puerto Rico ("InvestPR"), revealed two major successes for its bioscience sector. CytoImmune Therapeutics, Inc. and Biosimilar Solutions, LLC, each committed to establishing operations on the Island to develop their biotechnology products. The relocations are a result of InvestPR's strategic plan with support from BiosciencesCorp Puerto Rico for strengthening Puerto Rico's bioscience sector. Puerto Rico has a storied past spanning six decades of excellence. Eli Lilly opened its first plant on the Island in 1960. The majority of the top 20 pharmaceutical companies, including Abbvie, Abbott Laboratories, Amgen, AstraZeneca, Bristol-Myers Squibb, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer and Wyeth operate facilities in Puerto Rico. The Island, which boasts a staggering $50 billion+ in annual pharmaceutical industry production, has 100+ FDA-approved pharmaceutical and bioscience plants, and is the U.S.'s largest pharmaceutical manufacturing region, more than the next several states combined. Biosimilar's innovations are focused on biotech products including a COVID-19 vaccine (more details below) while CytoImmune Therapeutics specializes in cancer immunotherapy treatments.