With its beaches, tropical rainforest and waterfalls, Puerto Rico shares many associations with its Caribbean neighbours, but this archipelago is also a manufacturing centre of global significance. This group of four islands is the largest insular territory of the US, and it exports a multitude of goods – from chemicals, electronics and apparel to canned tuna, rum, medical equipment and pharmaceuticals.
‘These exports are shipped all over the world,’ says Javier Aleman, station manager, Puerto Rico, at DHL Global Forwarding. He adds that while aircraft parts are an up and coming business, like every other export industry on the islands it is dwarfed by healthcare and pharma traffic, which accounts for some 70 per cent of Puerto Rico’s exports and between 80 and 90 per cent of DHL Global Forwarding’s outbound business.
The territory boasts 49 pharmaceutical companies approved by the US Food and Drug Administration (FDA), and the list reads like a Who’s Who of the global industry, including AstraZeneca and Bristol Myers Squibb to Eli Lily, Novartis and Pfizer.
Worth about US$14 billion in 2015, Puerto Rico’s outflows for this sector accounted for 24 per cent of all pharmaceutical and medicine exports from the US, which made the territory the nation’s largest exporter in this segment – ahead of second and third-place California and Indiana. Interestingly, each of those states sent out only about half as much as Puerto Rico in terms of value.