Report Published: "Puerto Rico Pharmaceuticals & Healthcare Report Q1 2013"

Boston, MA -- (SBWIRE) -- 03/18/2013 -- BMI View: The outcome of the upcoming elections is expected to assist in shaping the development of Puerto Rico's healthcare and pharmaceutical markets, depending on the direction of the new governor's economic policies. Nevertheless, we do not expect a return to the historically-high annual rates of pharmaceutical spending, especially as the government now covers less than 40% of the territory's overall healthcare spending. In the meantime, the territory will remain an important pharmaceutical and medical devices production base, although its attractiveness has been on the wane for some time now.

Headline Expenditure Projections

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- Pharmaceuticals: US$2.81bn in 2011 to US$2.88bn in 2012; +2.5% in local currency terms. Forecast unchanged from Q412.
- Healthcare: US$11.27bn in 2011 to US$11.67bn in 2012; +3.6% in local currency terms. Forecast unchanged from Q412.
- Medical devices: US$536mn in 2011 to US$541mn in 2012; +0.9% in local currency terms. Forecast unchanged from Q412.

Risk/Reward Rating: Puerto Rico again remains third in our proprietary Pharmaceutical Risk/Reward Ratings (RRRs) matrix for the Americas in Q113, ranking behind the US and Canada. Its composite score is also an unchanged 65.6 out of the maximum 100, comprising evenly-balanced risk and reward components. In the medium to longer term, Puerto Rico's high matrix placement will come under increased pressure due to factors such as its small population, uneasy economic prospects and competition from emerging markets in Latin America.

Key Trends And Developments

- In October 2012, Johnson & Johnson (J&J) was reported to be investing US$226.5mn in four plants in Puerto Rico. The company, which employs about 3,000 people on the island, will expand two plants in Gurabo and one in Manati. The three plants are part of the company's subsidiary Janssen Pharmaceuticals. The company's medical device division, Ethicon, will expand production at a plant in San Lorenzo. The expansion project will create 308 new jobs, according to local press reports quoting Governor Luis Fortuno.
- In the same month, Californian medical devices company Edwards Lifesciences was reported by local press to be expanding its Puerto Rican plant, with an investment of US$34mn. The US player, which currently employs around 780 staff in Puerto Rico, commenced its local operations in Anasco in 2000. The expansion of the facility is expected to create around 350 jobs. In addition to Puerto Rico, the company also manufactures heart valves and other products in California, Dominican Republic, Switzerland and Singapore.

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