UPPER MACUNGIE TWP., Pa. - Sharp, a major producer of pharmaceutical and biotech products, has earned a Foreign Trade Zone (FTZ) designation after completing a six-month application process.
- Sharp has received an FTZ designation for some of its operations in the Lehigh Valley
- The designation enables Sharp's clients to save time and finances related to contract services
- The company is looking forward to expanding staff to better supports its clients utilizing FTZs
The FTZ is a place in the U.S. customs territory where companies can postpone, lower, or even completely dismiss their customs duties, tariffs or taxes. There are currently 197 operating FTZs in the U.S.
The designation benefits the company’s clients at its Upper Macungie township and Bethlehem Township campuses.
“The Foreign Trade Zone in the Lehigh Valley saves our clients both time and finances related to contract services we perform in the Lehigh Valley."Jeff Benedict, chief commercial officer for Sharp
“The Foreign Trade Zone in the Lehigh Valley saves our clients both time and finances related to contract services we perform in the Lehigh Valley, which is already a desirable region for Sharp’s clients because of its location in the heart of the Northeast supercluster of life sciences companies,” said Jeff Benedict, chief commercial officer for Sharp, in a news release by Lehigh Valley Economic Development Corp. (LVEDC).
He added that the FTZ enables his clients to have their products stored and packaged by Sharp in accordance with FTZ regulations, which makes them well ahead of a deadline, in particular when it is a new product launch or bulk products from a foreign site that is not yet authorized for the U.S. market.
To get their products and clinical trial drug candidates to patients, Sharp's clients rely on streamlined customs paperwork and procedures as well as priority pier-side movement. Deferred customs duties on imports are also crucial for budget management, Benedict said.
Sharp, which has about 1,300 employees in the Lehigh Valley, expects to hire more people thanks to the FTZ, Benedict said.
LVEDC statistics indicate that up to 1,000 people were employed in the FTZ in the Lehigh Valley in 2021 and up to $500 million in goods were exported to global markets.
