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The Puerto Rico Science, Technology and Research Trust (PRSTRT) will receive a $9.5 million allocation to expand additional research that will benefit the island’s economy, governor Jenniffer González announced.
“We are a pharmaceutical manufacturing hub. We are a manufacturing hub in terms of drugs and medical equipment, but we also want to hold product patents. We want to hold the patents for that research. We want to promote the creation of those jobs through other types of development,” González Colón stated at a press conference.
The governor believes that Puerto Rico competes in an economy where value comes from generating knowledge, innovating, and transforming ideas and opportunities into real solutions.
“We don’t lack capacity here. We have more than enough capacity. More than enough talent. We lack the young people. We need to invest and give them the tools so they can do this work,” she commented.
Of the allocated funds, $6.5 million will be earmarked for research and development programs, while the remaining $3.3 million will be directed toward entrepreneurship and innovation.
“I was a product of a science and math program in public school. That’s why I personally support and support the continued increase of resources in the Department of Education to strengthen engineering and math science in our schools. It’s part of the government’s programmatic commitment, but this is also part of the platform. We have to increase the number of patents and research projects done in Puerto Rico, because this complements what our manufacturing hubs are already doing,” she stated.
When questioned by W Journal about the source of the funds, the governor insisted they come from the Incentive Funds of the Department of Economic Development and Commerce (DDEC), which are generated from payments made by various companies establishing operations in Puerto Rico.
“We are not only funding scientific projects, but also strengthening the sectors that generate the greatest productivity, added value, and adaptability in Puerto Rico,” said Sebastián Negrón Reichard, Secretary of DDEC.
The Secretary added that the funds allocated to the Trust will help increase the number of projects from the 13 funded last fiscal year to 46, and that the government views the investment as a way to boost the sector.
“We see every dollar invested in research and development as an opportunity to grow our economy, to create well-paying jobs, and to increase our universities’ ability to attract more research funding. So this is a win-win for everyone,” he stated.
In recent years, the Trust has demonstrated a significant impact on local innovation, supporting over 162 research projects with approximately $17 million in grants. This has resulted in a return on investment of nearly $70 million in external funding, patents, and contracts.
Following the announcement, Lucy A. Crespo, CEO of the Trust, expressed her gratitude for the allocation of funds, which reaffirms the government’s commitment to making science and technology a driver of economic development.
“These new funds allow us to boost three of our programs within the research and development and entrepreneurship pillars, enabling us to continue investing in the country’s intellectual property. The Trust will continue to support innovative projects that generate knowledge, foster competitiveness, and create opportunities for our people,” she commented.
The CEO also stated that, thanks to the funding, the Trust will be able to implement three of its main grant programs for the first time.
“For us, continuing to strengthen this research pillar is extremely important because it’s like an ecosystem. We have the resources and have had many success stories where we started with research that originated in a university,” he concluded.
