Products in the medical device sector that are manufactured in the country under the free zone regime will be more easily sold in the local market. An executive decree will modify an article of the Law of the Free Zones Regime, which regulates the nationalization and payment of taxes on these products. The article in question makes the local sale very expensive and complex; which discourages the linking and linking of the different sectors.
“Costa Rica is a leader in innovation, we are manufacturers of medical devices with state-of-the-art technology and the highest quality with worldwide recognition. It is essential that our health system take advantage of these products, which in addition to guaranteeing the population their right to health, encourages more companies to continue betting on the human capital that is developed in our country “, said the President of the Republic, Carlos Alvarado.
With the new decree, the consignee will be allowed to be the distributor or buyer of the products. This facilitates the nationalization process in the TICA system. In addition, the distributor or buyer may request an exemption before the Ministry of Finance to apply the nationalization, as authorized by law.
According to a press release issued by the Presidential House, the decree does not modify the tax regime applicable to free zone companies that carry out local sales. In other words, there will be no tax advantage for the parties, with respect to what is already provided in the regulations.
“This is an achievement, which makes us happy as a sector, and which ends several years of struggle. This change modifies the incongruity that made it impossible for the Caja or any hospital to enjoy the world-class product that is generated in the country,” commented Isaías González, CEO of ICU Medical, one of the largest medical device companies in Costa Rica.
They lead exports
The medical device industry leads Costa Rican exports, according to data from the Ministry of Foreign Trade (Comex). Sales abroad in this sector represented 35% of the total, according to the cut to last August. With respect to last year, the variation was 42%. In addition, it is an important generator of employment for the country, with a total of 17,000 direct jobs.