Neolpharma will expand its footprint in Puerto Rico with a $16 million investment for the development and commercialization of Neolcare, a COVID oral treatment. The Mexico-based pharmaceutical company made the announcement during Invest Puerto Rico’s (InvestPR) participation at the SelectUSA Investment Summit 2023 held in Maryland.
The expansion project will create 40 new specialized jobs in Puerto Rico, in addition to maintaining 200 existing jobs. It is projected that 2.5 million Neolcare COVID treatments will be manufactured on the island and sold across 15 countries over the next three years.
Neolpharma has been operating in Puerto Rico since 2013 when it acquired a pharmaceutical plant in Caguas.
“Neolpharma is proud to continue betting on Puerto Rico, a vital hub for our company and the bioscience industry,” said Neolpharma President and CEO Efrén Ocampo. “With a proven track record in this sector and a highly skilled workforce, Puerto Rico provides an ideal environment for us to thrive and achieve our goals.”
“We appreciate the island’s supportive business climate, which has been instrumental in enabling us to expand our presence here,” Ocampo continued. “This new investment is a testament to our confidence in Puerto Rico’s capabilities and the many high-value assets that it has to offer. We look forward to continuing our fruitful collaboration and contributing to Puerto Rico’s ongoing success in the bioscience industry.”
“This new investment
is a testament to our confidence
in Puerto Rico’s capabilities
and the many high-value assets
that it has to offer.”
— Neolpharma President / CEO Efrén Ocampo
Neolpharma’s reasons for choosing Puerto Rico for the project include the island’s status as a hub for pharmaceutical products, high concentration of pharmaceutical manufacturing experts, globally recognized team of bioscience development professionals, favorable business climate, and logistics. Ocampo also pointed out that products manufactured in Puerto Rico are considered “Made in America,” so Neolpharma can export products under U.S. Food and Drug Administration’s (FDA) rules.
Neolpharma’s investment further strengthens Puerto Rico’s role in helping the U.S. secure the continuity of the medical supply chain, particularly in the wake of the COVID-19 pandemic.
The expansion is the result of a collaboration between local and international stakeholders, including the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Manufacturing Extension (PRiMEX), InvestPR, and government officials in the U.S., Puerto Rico, and México.
“This critical development is significant because it once again demonstrates the quality, skill, and talent of our professionals in the biopharmaceutical manufacturing sector on the island,” said Puerto Rico Governor Pedro Pierluisi. “It also demonstrates that Puerto Rico has an ideal ecosystem for expanding and establishing this type of industry.”
“This critical development
is significant because it once again demonstrates the quality, skill, and talent of our professionals in the biopharmaceutical manufacturing sector on the island.”
— Governor Pedro Pierluisi
InvestPR CEO Ella Woger Nieves commented that she was “excited that a company like Neolpharma can leverage the best that Puerto Rico’s pharmaceutical industry offers to promote innovation further.
“By leveraging the island’s wealth of talent, resources, and capabilities, Neolpharma is poised to make significant advances in this industry,” added Woger-Nieves. “This investment not only creates new jobs and economic opportunities for Puerto Rico but also strengthens our position as a global hub for bioscience manufacturing. We are excited to continue working with Neolpharma and other industry leaders to drive innovation and growth in this sector.”
“This exciting announcement further demonstrates Puerto Rico’s position as a global leader in bioscience innovation, manufacturing, and distribution, and a legitimate option to meet the demands of the global supply chain,” said Puerto Rico Secretary of Economic Development Manuel Cidre. “With the support of InvestPR, the DEDC, and PRiMEX, Neolpharma is well-positioned to succeed in this dynamic and competitive industry. As the island continues its path to economic transformation, the bioscience sector remains a critical driver of growth and prosperity. We remain fully committed to supporting Neolpharma and other companies in their efforts to innovate, create jobs, and drive economic development in Puerto Rico.”
This is not the first time InvestPR has secured investment from participating at the SelectUSA Investment Summit. The economic development organization previously helped Aurobindo Pharma establish manufacturing operations in Puerto Rico. The project began at the event and resulted in a three-year investment of $125 million and the creation of over 600 jobs.