By San José, Costa Rica — The first edition of the Costa Rica MD Summit has underscored the exponential growth of the medical device industry in Costa Rica. Over the past two decades, this sector has transformed from a modest 5% of the country’s exports in 2000 to a commanding 42% in 2023.
This surge reflects not only an increase in volume but also a rise in the sophistication of the medical devices produced.
Federico Rivera, president of the Medical Devices Cluster, highlighted that from just eight companies in 2000, the sector now comprises 93 firms. This expansion has propelled Costa Rica to the forefront of global medical device manufacturing, making it the leading exporter per capita in the Americas. The industry generated $7.624 billion in exports last year, with the United States, the Netherlands, and Belgium being the primary markets.
Despite its success, the sector faces challenges, particularly in attracting more foreign direct investment (FDI) and enhancing specialized human capital. Guillermo Zúñiga from the Costa Rican Foreign Trade Promotion Agency (PROCOMER) noted that while Costa Rica attracted $3.7 billion in FDI in 2023, it represents less than 1% of the global FDI in the medical devices and life sciences sectors.
We have significant room to grow in capturing more investments
Guillermo Zúñiga, Director of Trade Intelligence of the Foreign Trade Promotion Agency of Costa Rica (PROCOMER).
The summit brought together over 160 companies, including original brand manufacturers, contract manufacturers, multinational and national suppliers, industrial park developers, and service providers. This congregation highlighted the sector’s collaborative spirit and its crucial role in fostering innovation and economic growth.
The medical device manufacturing sector not only accounts for over 40% of our exports but also promotes knowledge transfer and creates high-quality, well-paying jobs. It has truly put Costa Rica on the global map
Laura López, general manager of PROCOMER
The industry’s robust growth is further evidenced by the creation of approximately 56,000 direct jobs, with women holding 54% of these positions. This gender balance is a testament to the inclusive nature of the sector and its commitment to providing equal opportunities.
Looking forward, the Costa Rica MD Summit has set a clear agenda for the industry: to continue its growth trajectory, attract more investment, and develop the necessary human capital to sustain its global leadership.
The summit has undoubtedly reinforced the importance of the medical device industry as a cornerstone of Costa Rica’s economic future.
About Costa Rica MD Summit:
The Costa Rica MD Summit is an annual event that brings together key stakeholders in the medical device industry, including manufacturers, suppliers, investors, and policymakers. It aims to foster collaboration, share best practices, and discuss strategies for continuing the sector’s growth and innovation.
