Leaders in MedTech
investment of the region
Innovation, education and thirst for knowledge are embedded in our DNA… So much so, that over 250 high-tech manufacturing companies, more than 60 of which are medical device producers, have made Costa Rica their hub for creating a competitive, solid business operation.
"Costa Rica has emerged as a leading location globally, outside of Europe, for MedTech investment, attracting 47 MedTech projects over a five-year period including 18 in 2012, and ranking 7th globally in terms of the number of manufacturing projects ahead of the Netherlands, Brazil and Mexico, between 2008 and 2012." (MEDTECH REPORT 2014 – Oxford Intelligence)
The country has evolved over the years from producing Class I to Class III medical devices including aesthetics, cardiovascular, dental, endoscopy, medication delivery systems, neuro-endovascular, neuro-modulation, optics, orthopedics/sport medicine/ENT & surgical/diagnostics components; which now serve markets in America, Europe, Asia and Oceania. Costa Rica is now the second largest exporter of Medical Devices in Latin America and among the top 7 suppliers to the US market.
Just take a look at how fast we’re growing:
The employment in this sector is 13x higher than what it was in 2000.
The number of companies in this sector is 9x higher than in 2000, from 8 to 68.
Average output per employee increased from $76K in 1999 up to $99K in 2014 (+30%)
Continuous exports growth:
Exports of Precision and Medical Equipment (P&EM) grew from 2% of total industrial exports in 1998, to 32% in 2015.
Exports of medical devices have grown at an average annual rate of 14.3% in the last decade (from US$580 million in 2005, to US$2,200 million in 2015)
Medical devices exports by level of sophistication in the last decade:
IMF and TradeMap, 2014.
The Life Sciences sector has continued to experienced incredible dynamism in Costa Rica, growing to represent 23% of the country´s total exports of goods in 2015 (Source: Procomer, 2016). In the last decade exports of precision and medical equipment have grown almost 280% and Medical Devices was the #1 industrial export good of Costa Rica in 2015, accounting for 4% of the total GDP
What exactly can we do in this sector? explore Business opportunities
The emergence of Costa Rica as a leading destination for MedTech manufacturing investments indicates the positive economic impact that can be achieved from investments in infrastructure and legal frameworks.”
MEDTECH REPORT 2014
Costa Rica offers the right
conditions for your business
Here are 8 reasons to choose us
The Life Sciences industry has become such a strategic sector for the country that in 2012, the Costa Rican government declared investigation, development and production of Medical and Biotech Devices on national territory of public and national interest.
These are just a few reasons that will boost your Life Science operation:
- 1.extensive & reliable supplier chain
We foster an ideal ecosystem with over 100 local and multinational companies conforming a sound supplier base that offers solutions in many areas
- 2.14 free trade agreements
14 FTAs signed which provide access to 57 trade partners, including the European Union (27), United States, Canada, Mexico, Chile, China, Peru and Singapore, among others.
- 3.close proximity to USA
Close proximity to the USA, with air travel in less than 3 hours and +1000 international flights worldwide weekly.
- 4.broad offer of Industrial parks
Several industrial free zone parks located throughout the country offering robust infrastructure.Learn more here
- 5.constant improvement
In order to improve our human capital skills, we’ve created customized educational programs to fit the needs of the industry.Learn more here
- 6.online registration of new products
The Ministry of Health offers this service for food, cosmetics, biomedical equipment and materials, pharmaceuticals and natural health supplements.
- 7.latin american headquarters of the FDA
It facilitates information exchange, works closely with regulatory authorities, industry and academia; collaborates with regulated industries in the region that wish to export their products to the U.S.
- 8.additional incentives
Fast track immigration procedures, online customs expedited with transparency, and the most attractive tax incentives package in Latin America.
Finally, Costa Rica ranks amongst the top 2 most politically stable and consolidated democracies in Latin America providing the ideal climate to reduce risk and safeguard long-term investment.
Life Sciences Sector executive contacts
Carolina SanchezLead, Life Sciences Sectorcsanchez@cinde.org