Colón-Ronda, Enid M.

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Critical success factors for Puerto Rico’s biotechnology industry: The biopharmaceutical sector case
(2009) Colón-Ronda, Enid M.; Córdova-Claudio, Mario; College of Business Administration; Rivera, Loida; Medina Vargas, Maria de los A.; Department of Business Administration; Sharma, Anand
With dropping sales of pharmaceuticals due to patent expirations of pharma blockbusters and the development of knowledge based economies around the world, there has been a growing interest from Puerto Rico for biotechnology’s next batch of wonder drugs. Puerto Rico’s expertise in the pharmaceutical industry manufacturing and the current presence of several biotechnology firms on the island has stimulated the island to bet on the biotechnology industry to achieve high value added economic growth. Facing competition from economies around the world, Puerto Rico needs to determine the critical factors that will drive the island’s success in biotechnology. Several biopharmaceutical companies located in Puerto Rico participated in this study in order to identify success factors for Puerto Rico, its weaknesses and strengths. Tax rates and the availability of engineers and science professionals are among the main reasons biotechnology companies have established operations on the island. These are also some of the identified factors that are necessary for the success of this specific sector.