Posted on: November 20th, 2007
Filed Under: [ Business ] [ Hispanic News ] [ Top Stories ] [ Blogante Business ] [ Puerto Rico ]
Cidra, a city of about 50,000, is not alone in its sense of looming dread. The pharmaceutical industry appears to be in retreat across Puerto Rico, long a global hub of drug manufacturing thanks to tax breaks and the territory’s unfettered access to the U.S. market.
Over the past 18 months, five major drug-manufacturing plants either have closed or announced plans to do so, eliminating 3,000 relatively high-paying jobs. The closures are largely a result of higher energy costs, changing tax rules and industry consolidation.”*
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