Puerto Rico Manufacturing Proposition Analysis
TTT
If PR captures -5-30% of mfg. in-shored to US, up to $5B est. value in 2026
2
US in-shoring value will depend on federal actions; PR share of US value will depend on company/product segment fit
Illustrative
Total US Sales
Estimated US sales in 2026
(high & medium potential)
High
Potential
-$50B
US sales (2026E)
Varies by company/product segment
Varies by tax scenario
Non-US Mfg. Value¹
Total US Mfg.
In-Shoring Value²
Puerto Rico Mfg.
In-Shoring Value³,4
Share of US sales from non-
US mfg. products
Share of non-US mfg. value
in-shored to US
Share of US in-shoring value
captured by Puerto Rico
Biopharma
Medium
Potential
-$500B
US sales (2026E)
High
Potential
-$5-15B1
US sales (2026E)
Estimate non-US
mfg. value from
2019 import % by
product category
Med tech
Medium
Potential
-$130B+
US sales (2026E)
Assume greater % of
high potential
products likely in-
shored (vs. medium)
Assume company/
product with strong
value prop fit more
likely to choose PR
~$0.5-4.5B5
US sales (2026E)
1. Based on size of US imports compared to US sales (value of final assembly for products) 2. Varies depending on federal tax incentive scenario and by product/company segments based on likelihood to in-shore
mfg. 3. Assume PR captures share of US pharma/medtech in-shored sales approx. equal to PR share of US exports (proxy for mfg. footprint), adjusted for product/company segments with strong value proposition fit
4. Jobs and tax revenues vary depending on estimated in-shoring value 5. Potential direct value; estimated range varies by tax scenario
Source: Fitch Solutions/BMI, Evaluate Pharma, PharmNets, GlobalData, PIIE, Research and Markets, USTR, WHO, WTO, DEDC PR, USFDA, synthesized expert interviews, BCG analysis
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