New Healthcare market report from Business Monitor International: "Puerto Rico Pharmaceuticals & Healthcare Report Q2 2014"
Boston, MA -- (SBWIRE) -- 04/15/2014 -- The pharmaceutical manufacturing sector will remain an economic mainstay for Puerto Rico. The local government is focused on defending the commonwealth nation's position as a global pharmaceutical production hub by offering incentives for the expansion of existing manufacturing plants and pursuing new opportunities in contract manufacturing operations as well as generic and biologic drug production. However, it will be difficult for the island to return to its former pharmaceutical manufacturing glory.
Headline Expenditure Projections
- Pharmaceuticals: US$3.02bn in 2013 to US$3.04bn in 2014; +0.9% in local currency terms. Forecast is below the previous quarter's projection due to new historical numbers.
- Healthcare: US$7.81bn in 2013 to US$8.13bn in 2014; +4.1% in local currency terms. Forecast below Q114 due to less promising macroeconomic outlook.
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Risk/Reward Rating: While Puerto Rico is again ranked third out of the 17 markets surveyed in the Americas region in our latest Pharmaceutical Risk/Reward Rating (RRR) regional assessment, Puerto Rico is not considered an attractive longer-term prospect from the perspective of multinational investment. Although its per capita spending on medicines is higher than in Latin American countries, an economic slowdown, high unemployment and falling population numbers will continue to weigh on pharmaceutical market development.
Key Trends and Developments
- In February 2014, Abbott announced it will close its manufacture plant in Barceloneta in mid-2015.
- In November 2013, Eli Lilly announced it will invest more than US$700mn to enhance its global insulin manufacturing capacity in Puerto Rico, France and China, as well as Indianapolis.
- On November 15 2013, Merck & Co announced that it will cease active ingredient production at a plant in Barceloneta by the end of 2014 as part of its global restructuring plans. Formulation and packaging operations at the plant will continue under a third-party contract. The company will also consolidate formulation operations at its plants in Arecibo and Las Piedras, and those operations will be transferred to a third party by the end of 2016. Merck currently operates three plants on the island and employs more than 1,000 workers. Cesar Simich, Merck's managing director for Puerto Rico and the Caribbean said 'the company still has a presence in Puerto Rico; we've been here for 65 years.'
- On November 20 2013, Pfizer announced that it would close one of its three manufacturing plants in Barceloneta Puerto Rico by 2017. The company said the closure was due to the loss of patent exclusivity and the improvement of manufacturing efficiency. Currently, Pfizer employs nearly 2,700 people at its three manufacturing plants and commercial offices in Puerto Rico.
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