Costa Rica Launches Life Sciences Hub Initiative

News provided by

Costa Rican Investment Promotion Agency

Jul 29, 2020, 10:03 ET

SAN JOSE, Costa Rica, July 29, 2020 /PRNewswire/ -- On 8 May 2020, the government of Costa Rica declared the medical and wellness industry "of public and national interest" and announced that Costa Rica is well placed to become a hub for wellness, innovation, and life sciences. The Presidential Decree issued to that effect defines the industry as the activities geared towards the generation of technology and new forms of prevention of disease, promotion of health, and innovative medical care.

The elements for such a strategic positioning of our country as a life sciences hub are present. Costa Rica hosts two-thirds of the top-tier global manufacturers in the life sciences, a cluster that has evolved thanks to the vision and work of CINDE, the investment promotion agency, with the backing of the Ministry of Foreign Trade and aided by PROCOMER, the export promotion agency. The three institutions work in tandem to provide the necessary support for foreign companies to establish and develop their operations in the country. Both agencies are recognized by their peers and the International Trade Center as the leader in each of their respective categories. They have made it a priority to increase local supply of goods and services to these and the rest of the 300 plus global companies present in Costa Rica.

We are aware that our goal is ambitious, as the industry is highly regulated and standards are difficult to attain, but the cluster already accounts for type I, II and III medical device manufacturers, sterilization services, labeling and packaging, equipment manufacturing, and a significant number of local suppliers that add value to the global value chain. Smart manufacturing companies are able to leverage end-to-end integration of their processes within the cluster.

Costa Rica boasts a national health system that offers universal health care coverage and allows health service providers to work in harmony under a single public policy. All public hospitals and clinics utilize a single electronic medical records system, generating a wealth of information to improve decision-making in the delivery of care. The country's primary care system is considered among the best in the world; our Blue Zone renders testament of this, and of our high ranking in long healthy life expectancy. Such strengths of our health care system, clear priorities and an all-of-country approach to handling the COVID-19 pandemic have so far kept relatively low hospitalization and death rates. Daily transparent information shared with the population regarding the latest statistics and situations created by the pandemic have allowed well-informed citizens to make better decisions.

Costa Rica is also in a unique position for the healthcare system, companies and academia to improve the delivery of care through the application of technology, such as telemedicine, and the advancement of evidence-based medicine, through biomedical and clinical research, as well as data analytics. There are currently more than 20 academic institutions involved in research programs. Many Costa Rican universities have adapted their programs to meet the needs of the medical industry for human capital. Partnerships with prestigious foreign institutes, such as the French Institut Pasteur or the U.S. National Institutes of Health, have led to significant advancements in global health and have changed the practice of medicine is certain fields.

Costa Rica's highly educated talent pool and regulatory and legal framework create an environment that stimulates innovation. The challenges imposed by the COVID-19 pandemic have revealed the country's innovative capacity, with examples that include the local development of therapeutics to treat COVID-19, the development of a highly effective and popular COVID-19 App that has been downloaded by almost half the population, new ventilator designs and new strategies for the treatment of viral diseases.

Finally, Costa Rica enjoys a strong reputation for the respect of rule-of-law, political and social stability. Mix this with warm people, a temperate climate, natural beauty, an educated population and a high ranking in the "happiness index" and you end up with a great quality of life and a productive environment. It is common for companies that invest in Costa Rica to continue to grow both in the size and sophistication of their operation, and for "ex-pat" executives to stay in Costa Rica once their term ends at the company. The term "pura vida" was not coined in Costa Rica for nothing. Costa Rica is indeed the right people-centered location, where technology, nature, culture, innovation, education and environment, and many other ingredients, pose Costa Rica as natural lab for the development, prototyping and testing of new solutions, products and services aimed for the enhancement of the quality of life and wellbeing for the world.

This article was written by: Dyalá Jiménez F., Minister of Foreign Trade of Costa Rica and Román Macaya H., PhD, President of the Board, Costa Rica Social Security System

For more information, please contact:

[email protected]

www.comex.go.cr

www.cinde.org

SOURCE Costa Rican Investment Promotion Agency