Thursday, 3 December 2020

Medical Devices Keep Up Momentum in Costa Rica

Photo Mayela Lopex,  EF
Photo Mayela Lopex, EF

QCOSTARIA – Some 63 foreign companies in Costa Rica operate facilities for manufacturing medical supplies and devices in areas such as neuromodulation, dentistry, cardiovascular, orthopedics and endoscopy.

At the end of 2014 exports of medical devices totaled US$1.9 billion, ie 19% more than reported in 2013. It is estimated that the manufacture of these products brings an estimated US$0.55 of value added for each dollar exported. It is expected that by the end of April, four more companies will join the companies already operating in the country.

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The Costa Rican Coalition for Development Initiatives (CINDE) projects that “… The subsector of Life Sciences will end 2015 leading the total export value, reaching $2.2 billion.”

Currently companies operating in the country distribute their products in 15 different divisions; 55 from the United States. The rest are from France, Venezuela, Japan, China, Colombia, Costa Rica and two in Germany. ”

Jorge Brenes, president of the Association of Free Trade Zone of Costa Rica, told Elfinancierocr.com that “… Another attraction for the subsector was the Free Trade Zones (RZF). One third of exports under the RZF, in 2014, corresponded to medical devices. Companies under the RZF pay tax of 6% although megaprojects (investments of $10 million) have some exemptions … such as not paying sales tax, exemption from municipal taxes and the tax on real estate. ”

The 63 foreign companies operating facilities for manufacturing medical supplies and devices in Costa Rica. Source: CINDE
The 63 foreign companies operating facilities for manufacturing medical supplies and devices in Costa Rica. Source: CINDE

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