Costa Rica as the second largest Medical Devices exporter in Latin America

The Medical Device industry in Costa Rica has grown exponentially over the last two decades, increasing its export revenue by more than 18 times its original value (from $US288 million in 2000 to over $US5.2 billion in 2021, according to CINDE).

This sector has become the country’s main export product, and it places Costa Rica as the second largest Medical Devices exporter in Latin America.

The Life Sciences Industry can provide significant opportunities for countries with the right investment conditions, such as Costa Rica has proven in recent decades.

There are many trends, including reinventing unused facilities, that can reshape the landscape for project developers, and make Life Sciences infrastructure the investment opportunity of the future.

Reinventing unused facilities: a promising trend

Whether it is the construction of new facilities, or the conversion and repurposing of existing ones, investing in the Life Science industry infrastructure could bring strong returns, as the demand continues to rise.

Last year, under-construction projects in the top 12 U.S. Life Sciences markets increased by 44% overall. Ground-up development rose by nearly 42%, and lab and R&D conversions jumped up to 49%, according to a research report by CRBE, an American real estate services and investment firm.

Consequently, developers are looking for new infrastructure development opportunities, despite the cost of the specialized amenities.

A Life Sciences project has certain requirements that cannot be ignored:

  • Increased security, design flexibility (for changes in laboratory and layout needs), and plumbing to allow for emergency showers, eye wash stations, and sinks.
  • Higher floor capacity.
  • Interstitial space.
  • 16-feet floor-to-floor height.
  • Emergency power generators and uninterrupted power supply.
  • Increased HVAC that can run 24/7, including ventilation that allows 100% outside air.
  • Additional loading docks that prevent cross-contamination.

The key behind Costa Rica Life Sciences industry success

Many elements make Costa Rica an optimal destination for investment. Free Zones such as Coyol Free Zone provide a fully developed hub for installing a Life Science company set to operate immediately.

  • Environmental Awareness: Costa Rica has been widely recognized for successfully maintaining sustainable operations, with 99% of the country’s energy generated through renewable energy.
  • Innovation: The country thrives globally and regionally for indicators of business sophistication and creative production of goods and services, establishing itself as the Seventh Most Innovative Economy in Latin America according to the 2023 Global Innovation Index.
  • Technology Design: The use of emerging technologies like digitization, automation, and Artificial Intelligence allows for a potential improvement in productivity gains, speed, and convenience in operations. Costa Rica can adapt quickly to these technological advances due to the high level of digital skills of its human talent, which has been previously recognized as the best in LATAM by WEF in 2019.
  • Soft skills: In an industry where research has found a consistent relationship between human capital and economic growth, the focus on soft skills development in the workforce of Costa Rica represents a competitive advantage of added value.

What makes the infrastructure system of Coyol Free Zone a perfect fit for Life Sciences facilities?

World-class companies are looking for ways to improve their supply chains, reduce costs, and mitigate their environmental impact, to be more competitive.

Coyol Free Zone offers a business ecosystem that includes sustainable design of infrastructure, eco-efficient operations, and features with the latest innovations to improve the overall quality of any facility.

Furthermore, we became the first Free Trade Zone in the country to obtain the ISO 9001:2015 certification for Construction Project Management, which ensures optimization of the scope of work, cost, time, and quality in the development of any project.

In addition to all the nationwide bonuses mentioned, Coyol Free Zone can guarantee success in enhancing Life Science companies to reach their full potential, as it offers a complete hub with suppliers and logistic companies that allow exporting directly from Costa Rica to any country worldwide.