INDUSTRIAL

Talent, hard work and push

The Industrial Production Index (IVOPI) closed in 2014 with a growth of 0.8%, as reported by the Central Reserve Bank (BCR). This shows a moderate dynamism of industrial production in El Salvador, economic activity that generates a large part of the jobs and exports in the national economy. Wood industry, pharmaceutical, textile, food and drinks, among others, managed to push the indicator. Although we must emphasize two subsectors, these are the pharmaceutical and agribusiness, but also the plastics sector is quite dynamic with a focus on automotive parts and especially in the medical field. Creative industries such as graphic design or video games industries are also important. “We have enormous talent of young people giving a great contribution to these areas.” Says Deputy Minister of Economy Luz Estrella Rodríguez, which delves into the pharmacy and natural cosmetics and says, “We are located in a kind region in terms of our flora and volcanoes. We believe this is an opportunity for the pharmaceutical sector because it positiones us in a new differentiating market tan international big Pharma who are more in the area of patents or chemistry.” In the pharmaceutical sector in recent years there was contraction in the market due to the implementation of a series of new regulations by the National Medicines Direction affecting in any way the freedom of prices, these measures have affected negatively the sector, but pharmaceutical products from El Salvador have a strong emphasis in technology and quality, which makes the industry remain strong and competitive regionally. The industry faces some challenges as chemical bases dependence for creating multiple products, since some drugs are tested for three years and patents are subject to many laws and regulations. In short we can say that there are more than 50 drug manufacturing plants, more than 8,000 direct jobs and 15,000 indirect employees, GDP for the pharmaceutical industry is USD 355 million.