Puerto Rico: The island of innovation
Entrepreneurship, community and serious tax incentives combine to make Puerto Rico an ideal life science hub.
The home of a consortium of high-quality research
Puerto Rico Consortium for Clinical Investigation (PRCCI) is a nonprofit consortium of high-quality research sites invested in increasing the speed and quality of clinical trials. The PRCCI acts as the single point of contact for sponsor organizations, mainly pharma companies and CROs, to connect with pre-qualified research sites and clinical investigators, thus ensuring the quality of the clinical trial overall.
Better patient outcomes
Hispanics are forecasted to make up to 25% of US population by 2030 from the current 17% (2013). At the same time, they are currently estimated to represent only 7.6% of clinical trials participants in the US. This is highly attractive for sponsors and CROs in need of ensuring fair representation in clinical trials and ultimately better patient outcomes.
A critical link for academia to research
Ciencia Puerto Rico (CienciaPR) is a nonprofit organization composed of scientists, professionals, students and citizens committed to the advancement of science in Puerto Rico and with promoting science communication, science education, and scientific careers. It began as an initiative of the Council for the Advancement in Puerto Rico for Innovation and Scientific Research (CAPRI), a nonprofit organization which promotes research and development in the Puerto Rican archipelago.
Investment in technology and commercialization
The Puerto Rico Science, Technology & Research Trust (PRSTRT) was created in 2004 to promote innovation, technology transfer and commercialization of intellectual capital. The mission of the Trust is to invest, facilitate and build capacity to continually advance Puerto Rico’s economy and its citizens’ well-being through innovation-driven enterprises, science and technology and its industrial base.
A parcel of land of 70 acres is being developed by the PRSTRT as Science City. The vision for Science City is to become a globally recognized innovation hub connecting and integrating our science and technology ecosystems. As a multidisciplinary international center of collaboration it will inspire new ideas, inventions and enterprises, resulting from its vibrant and rich environment to innovate, work, and live.
State-of-the-art laboratory facility
The Puerto Rico Environmental Research Laboratory construction is at full speed, to be completed in September. This state-of-the-art laboratory facility will house the Puerto Rico Environmental Quality Board (EQB) laboratory, providing environmental researchers and scientists the space to perform activities such as environmental parameters analysis, new materials and products qualification and validation. This eco-friendly building will also use energy efficient technology.
More than 40% of the Island’s GDP derives from manufacturing operations, including pharmaceutical, biotechnology, medical devices, and food industries.
Puerto Rico’s infrastructure and government support creates an ideal location for global companies. From an investor perspective, in an acquisition exit, shareholders of a company with a Law 73 decree don’t have to pay taxes in Puerto Rico as it is a tax-free conversion. Puerto Rico offers a low tax base for Law 73 participating companies. Highlights of tax benefits offered under Act No. 73 of 2008, known as the Economic Incentives Act for the Development of Puerto Rico, include tax credits, job-creation credits, deductions on investments, and marketing incentives.
More tax breaks
Act 20, the Export Services Act, offers incentives to certain service businesses, including investment and hedge fund managers, to relocate to Puerto Rico and export their services by taxing their corporate profits at a flat 4%, while making the dividends paid from profits on exported services 100% tax exempt to individual recipients.
US Citizens don’t need passports since Puerto Rico is a US territory. Its official name is the Commonwealth of Puerto Rico.
Christopher Columbus discovered the island in 1493, one year after he discovered the Americas. He named it San Juan Bautista, after John the Baptist.
The Arecibo Observatory, home of the largest telescope in the world, has a 305m (1000 ft) diameter dish, built there due to the location being near the equator line enabling study of the ionosphere and nearby planets which pass overhead.
The country comprises one large island, where most of the inhabitants live, and many smaller islands.
The country is home to 3.6 million people, while its capital city of San Juan is home to almost 400,000 people.
Puerto Rico’s main exports include chemicals, electronics, tuna, rum and medical equipment. Their main imports include oil, food, clothing and machinery.
- Music traditions includ Bomba, plena and trova music, as well as merengue music and dancing where partners hold each other in a closed position and where often, one foot is dragged on every step.