Pfizer Guayama Location
The site is located in Guayama, Puerto Rico on the south coast of the island, approximately 55 miles (88 kilometers) south of San Juan, the capital city. Modern highways connect Caguas to San Juan and the rest of the island, allowing for commutation to the Facility by automobile. Caguas is a small city (population: approximately 140,000) with a well educated workforce and with opportunities for higher education at a number of small, local colleges and technical schools. Most of the world’s largest pharmaceutical companies operate manufacturing facilities in Puerto Rico, companies such as Pfizer, Eli Lilly, Abbott, Bristol Myers Squibb, Schering Plough, Mylan, Warner Chilcott, Novartis, GlaxoSmithKline, J&J, Merck Sharp & Dohme, Baxter, Patheon and Watson all located in Puerto Rico. Pharmaceutical exports comprise about half of Puerto Rico's total exports and 16 of the top 20 drugs sold in the US are now manufactured in Puerto Rico (Source: Puerto Rico Industrial Development Company web site: www.pridco.com/english).
Pharmaceutical manufacturers who have already chosen Puerto Rico as their location provide the following checklist of other indigenous benefits that influenced their decisions:
- A unique value proposition to entrepreneurs and established companies that allow for the benefits and protections of operating within a U.S. jurisdiction with the added tax benefits of operating as a foreign corporation;
- An unusual combination of cash grants, financial incentives and credits, R&D credits, and venture capital initiatives together with Puerto Rico's tax laws offer a wealth of incentives that promote corporate growth; and
- A high capacity infrastructure, strategic location, state-of-the-art communications, low labor costs and an educated bilingual workforce.
After of four decades of unprecedented industrial growth, the Puerto Rican workforce has acquired the necessary skills and knowledge to satisfy the demanding needs the pharmaceutical manufacturing industry at every level. In fact, Puerto Rico can boast a professional class that fills 75% of all manufacturing management positions in over 2300 diversified industrial plants. For additional information on incentives available in Puerto Rico, download the PRIDCO flyer.
Note: Potential acquirers should consider advice from a tax expert regarding the recently enacted Law 157