Small-but-mighty is the theme of this triple-feature report, as Puerto Rico, Ireland and Singapore’s capacity to overcome limitations and attain competitive standing on the global stage.
Puerto Rico is a small island with a big global pharma impact. It is the fifth largest territory in the world for pharma manufacturing, and in recent years has significantly ramped up its capabilities for research and development, and medical and diagnostic devices as well.
In recent years, however, it has faced significant challenges. Its pharma sector is still reeling from the phasing out of Section 936 which exempted corporations from paying federal tax on income earned in the territory. Its economy has stagnated, and it has suffered a crippling debt crisis which has become the pivot for political conflict with Washington.
This report details a territory making a vigorous effort to work its way out of a tough period, and its pharmaceuticals and medical devices and diagnostic sectors are at the center of that.
Ireland stands poised to cement its position as a premier pharmaceuticals power, not just within Europe, but globally. In addition to its blossoming R&D infrastructure, a large number of major healthcare, pharma, and medtech MNCs base manufacturing operations on the Emerald Isle due to its favorable taxation policies, incredible concentration of talent, membership of the EU single market, and easy access to a wide range of foreign markets.
Despite its relatively small size, Ireland is the largest net exporter of pharmaceuticals in the EU and seventh largest globally and could benefit significantly from the UK’s Brexit decision.
Key themes discussed include developing Ireland’s global brand, how the country can move up the manufacturing value chain, maintaining a steady flow of talent, and how smaller local companies are complementing the work of global players in Ireland.
As a tiny city-state with limited land and natural resources, Singapore has had to carve out its own niche as a global trade hub and gateway to the Asia-Pacific region to compete globally since declaring independence in 1965. In terms of healthcare and life sciences, the island now serves as a regional hub for myriad multinationals, stands at the forefront of cutting-edge scientific research and development, and is globally renowned in several important levels of the pharmaceutical supply chain, such as logistics.
However, with a number of countries from emerging Asia now catching up to Singapore, this report tackles how the Lion City is repositioning itself to fend off new challengers and maintain its status as the beating heart of Asia-Pacific.