2024 Puerto Rico exports rise driven by strong pharma industry
The island exported $24.7 billion, with pharmaceutical and medical devices making up 88%.
Total exports for Puerto Rico reached $24.7 billion in 2024, up 9.7% from 2023, on the back of a strong pharmaceutical manufacturing industry, the U.S. Bureau of Labor Statistics reported.
Top Puerto Rico exports
In 2024, Puerto Rico ranked second among U.S. jurisdictions in pharmaceutical and medicine manufacturing exports, accounting for 17.6% of the total U.S. trade dollar value in that category, according to the BLS’ latest data. Medical equipment and supplies manufacturing was the island’s second-largest export, representing 6.5% of total exports.
Combined, these top two industries made up approximately 88.3% of Puerto Rico’s total exports in 2024, the BLS reported.
Prices for the largest export industry, pharmaceutical and medicine manufacturing, declined in February, while export prices for medical equipment and supplies rose over the same period.
US export price indexes
The U.S. exported $114.7 billion worth of pharmaceutical and medicine manufacturing products in 2024. Indiana and North Carolina accounted for 19.5% and 11.1%, respectively, of those exports.
Pharmaceutical and medicine manufacturing export prices declined 0.2% in February, driven by a 0.8% decrease in prices for in vitro diagnostic substance manufacturing. Over the past year, the export price index for pharmaceutical and medicine manufacturing increased 1.5%, according to the BLS.
Export prices for medical equipment and supplies manufacturing ticked up 0.1% in February and 2.1% year over year, pushed by a 3% increase in surgical and medical instrument export prices.
Puerto Rico’s pharmaceutical industry
Pharmaceutical manufacturing has thrived in Puerto Rico for more than six decades, attracting multinational companies with a skilled workforce and a favorable tax structure, making it crucial to the island’s economy. As a result, the island has been referred to as the “Medicine Cabinet of the U.S.”
The sector is expected to continue growing, with revenue projected to surpass $376 million in 2025, according to Statista. Oncology drugs represent the largest market segment, with an estimated market volume of $68.3 million in 2025.
The same data show that Puerto Rico’s pharmaceutical manufacturing industry is projected to experience a compound annual growth rate (CAGR) of 4.76% from 2025 to 2029, to reach a market volume of $452.9 million by 2029. In the broader U.S. market, the industry is expected to generate more than $660 billion in 2025.
These figures include prescription and over-the-counter medications, small-molecule drugs and biologics, vaccines, next-generation therapeutics, and original brands, biosimilars and generics. Puerto Rico is experiencing a surge in the production of generic drugs, Statista noted.
In the “other pharmaceuticals” category — which includes psychotropic, gastroenterology products, antibiotics, and less expensive but widely used over-the-counter medications such as cold remedies and analgesics — Puerto Rico’s market is forecast to reach $157.8 million in 2025. That segment is expected to grow at a CAGR of 3.54% through 2029, to reach $181.4 million.
Globally, the U.S. is projected to generate the highest revenue in the pharmaceutical market this year at $270.1 billion.
“Overall, the pharmaceutical market in Puerto Rico is expected to continue growing, driven by the increasing demand for generic drugs and the industry’s shift towards biotechnology and specialty drugs,” Statista reported.
Puerto Rico is also known for medical device manufacturing, research and development, agricultural biotechnology and logistics. Among the top pharmaceutical manufacturers operating on the island are Amgen, Eli Lilly, Baxter, Bristol-Myers Squibb, Pfizer, GSK, Johnson & Johnson, AstraZeneca, and Merck.
