Local companies increase investment in research and development in Puerto Rico

Puerto Rican companies and companies with subsidiaries on the island invested over $445 million in Research and Development (R&D) activities in Puerto Rico in 2022, according to a survey, published this Monday, by the Department of Economic Development and Commerce (DDEC).

The survey findings reflected a growth of over $130 million or 45%, when compared to the last survey, with small and medium-sized businesses (SMEs) of Puerto Rico that most promoted R&D growth in recent years, the agency reported.

Of the total estimated investment, $174 million or 39% correspond to local companies, nine percentage points above the last survey (30%). In addition to the total investment, the study managed to quantify over 3,000 employees linked to R&D activities in Puerto Rico, of which 44% are women.

“The survey validates the DDEC's strategy of continuing to promote research and development in sectors linked to the knowledge economy. It also shows the relevance of this incentive in various economic sectors such as technology and life sciences, among others,” said Manuel Cidre, secretary of the DDEC.