Poor Puerto Rico. Pharmaceuticals firms are shutting down plants in the U.S. territory, eliminating some 3,000 jobs. Reasons for the closures include Big Pharma's worldwide restructuring, Puerto Rico's expiring tax breaks and high utility bills. Already, Teva Pharmaceuticals, GlaxoSmithKline, Schering-Plough, Watson Pharmaceuticals and Bristol-Myers Squibb have either shuttered facilities or announced plans to do so.
Local lawmakers could remedy the situation by offering new industrial tax breaks to replace an IRS provision that expired last year, but they've been unable to agree on a new approach.
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