The DDEC announces incentives for expansion of advanced medical manufacturing

Department of Economic Development and Commerce (DDEC) secretary Manuel Ríos Pierluisi announced the approval of a package of economic incentives and tax credits to back the expansion of advanced manufacturing facilities for medical devices and biopharmaceutical products in the municipalities of Barceloneta, Manatí, Juncos, and San Germán.

The agreements signed with multinational medical-technology companies contemplate contractual commitments of investment in specialized latest-generation machinery, modernization of clean rooms, and the creation of hundreds of well-paid jobs for Puerto Rican engineers, microbiologists, and technicians trained in the country's university system.

Secretary Manuel Ríos Pierluisi underlined that Puerto Rico keeps a position of strategic leadership as a key national-security enclave for the United States biomedical supply chain, backed by decades of manufacturing experience under Food and Drug Administration (FDA) standards. The Puerto Rico Manufacturers Association backed the allocations while reiterating the urgent need for a robust and competitive electric grid to ensure the sector's viability.

Source: Caribbean Business. https://caribbeanbusiness.com/ddec-impulsa-expansion-manufactura-dispositivos-medicos-biomedica/