The Puerto Rico Science, Technology and Research Trust (PRSTRT) will obtain a $9.5 million allocation to increase extra analysis that may profit the island’s financial system, governor Jenniffer González introduced.
“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 acknowledged at a press convention.
The governor believes that Puerto Rico competes in an financial system the place worth comes from producing information, innovating, and reworking concepts and alternatives into actual options.
“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 allotted funds, $6.5 million might be earmarked for analysis and growth applications, whereas the remaining $3.3 million might be directed towards 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 acknowledged.
When questioned by W Journal in regards to the supply of the funds, the governor insisted they arrive from the Incentive Funds of the Department of Economic Development and Commerce (DDEC), that are generated from funds made by numerous corporations 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,” mentioned Sebastián Negrón Reichard, Secretary of DDEC.
The Secretary added that the funds allotted to the Trust will assist improve the variety of initiatives from the 13 funded final fiscal yr to 46, and that the federal government views the funding as a technique to enhance 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 acknowledged.
In latest years, the Trust has demonstrated a major affect on native innovation, supporting over 162 analysis initiatives with roughly $17 million in grants. This has resulted in a return on funding of almost $70 million in exterior 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 federal government’s dedication to creating science and technology a driver of financial growth.
“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 additionally acknowledged that, due to the funding, the Trust will be capable of implement three of its most important grant applications for the primary 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.