The Medical Device cluster in Costa Rica began in 1987 with the installation of Baxter Healthcare. By the year 2000, there were already 8 companies of this industry operating in the country, and by 2009, 31 companies. To date Costa Rica has a very strong Medical Devices ecosystem, with more than 88 companies, including OEM’s (Original Equipment Manufacturers), manufacturing contractors and suppliers, according to CINDE.
As a result, the Life Sciences industry has become the sector with the greatest impact on manufacturing and has become the number one exporter in Costa Rica since 2018. Such growth has translated into a strong economic and social impact, resulting in exports of US$3.8 billion in 2020 and more than 38.000 direct jobs.
Undoubtedly, the country has made efforts to improve its business climate for companies which are looking for efficiency, knowledge, human talent, political stability, and market access, mainly to North America, Europe and Asia, accounting for 2.5 billion people and two-thirds of worldwide GDP, thanks to its well-established Free Trade Agreements (FTAs).
Medical devices Costa Rica
The scope and achievements obtained in the Life Sciences sector, which include Medical Devices, Pharmaceuticals, and Biotechnology, have been the result of the great potential that Costa Rica has in terms of human talent, as well as the ideal conditions offered to keep up to date with the technological advances that the sector is constantly experiencing.
It has evolved from the manufacturing of Class I to Class III medical devices, and includes R&D, IoT, automation, corporate services, logistics, and supply chains. In addition, the devices manufactured are used in practically the entire human body, responding to various diseases, their diagnosis, therapy, and recovery, among others. The presence of this wide range of products is another reason for which the country is globally recognized as a top-tier player in the Medical Device industry.
The MedTech industry in Costa Rica is heading towards new areas that require greater customization, and which demand closer proximity to the target markets, faster and cheaper logistical solutions, the convergence of hardware and software applications, and human resources with a greater knowledge of the industry, a stronger relationship with science, and even professional profiles not yet in existence.
Coyol Free Zone continues to work as a market leader for the Life Sciences sector and advance manufacturing companies by developing new and better opportunities, thus allowing us to go beyond the requirements of the sector. The Park hosts the operation of 31 companies, 7 of them in the Top 30 Global Medical Device ranking:
- Abbott, Phillips
- Cardinal Health
- Smith & Nephew
This has allowed us to consolidate an ecosystem with on-site suppliers, such as logistics and sterilization services, contractors and academy, guarantying access to the most trained, competitive, and committed human talent pool.
We are a leading park recognized internationally as the Best Free Zone in Latin America and the Caribbean, with 20 years of experience developing and managing industrial parks. Currently 70% of our clients has expanded their operations in Coyol Free Zone and we have more than 100 ha of land to guarantee future projects with world-class infrastructure and the most innovative solutions in Real Estate.
Resumen Ejecutivo Sector Ciencias de la Vida en Costa Rica
Lucía Gross Martínez, Consultora con más de 30 años de experiencia en la atracción de Inversión Extranjera Directa (IED)