- With a projected investment of US$40 million by 2028 spanning two stages, the company built a state-of-the-art plant in the Coyol Free Zone, its first outside of the United States.
- The company joins the Costa Rican life sciences sector, comprised of 92 companies whose exports exceeded US$7.6 billion in 2023.
Alajuela, April 9, 2024. Shockwave Medical, a leading multinational manufacturer of solutions for treating severe cardiovascular diseases, inaugurated its manufacturing plant in the country, marking the company´s first facility outside of the United States. As part of this project, the company will hire 1,200 people over the next five years.
Shockwave executives announced the news at an event attended by the President of the Republic, Rodrigo Chaves Robles; Manuel Tovar, Minister of Foreign Trade (COMEX); Jorge Rodríguez Vives, from Communication; and Laura López, General Manager of The Trade and Investment Promotion Agency of Costa Rica (PROCOMER).
“The establishment of our new manufacturing plant in Costa Rica not only strengthens our production capacity and contributes to the development of the local economy, but also underscores Shockwave Medical’s commitment to technological advancement in the treatment of cardiovascular diseases. We recognize Costa Rica’s strategic role in medical device manufacturing, thanks to its talent and favorable business environment“, commented Luis Morales, Senior Vice President of Global Operations at Shockwave Medical.
Enrique Saborío, Vice President and General Manager of Shockwave Medical Costa Rica, mentioned: “After a very successful start of operations, which included the construction of our building, hiring and training of staff at our headquarters in Santa Clara, California, we are preparing to install and start up multiple production lines. We expect to create over 1,200 jobs as we progress. The country’s existing medical device ecosystem has facilitated this process, solidifying it as an ideal place to do business”.
“We are very proud to welcome companies that have chosen our country as their base for their first expansions outside their headquarters. In the last year we have seen how several renowned multinationals announce Costa Rica as their destination to grow and consolidate in the medical sector. I want to wish Shockwave Medical the best of success, thanks them for their trust and offer our support in their growth process,” said the President of the Republic, Rodrigo Chaves Robles.
With a projected investment of US$40 million by 2028 spanning two stages and an estimated area of 120,000 square foot, the company built a state-of-the-art plant in the Coyol Free Zone in Alajuela, with the aim of amplifying its current manufacturing capacity, as well as reinforcing the production and manufacturing processes of its headquarters, located in Santa Clara, California, United States. This installation will include three clean rooms for the manufacture of high-tech catheters.
The first phase of the project was completed in August 2023, incorporating a cleanroom dedicated to medical device tools treating coronary artery disease. The second stage of the project under development involves the construction of a facility focused on manufacturing tools to treat peripheral artery disease, estimated to be completed during the second half of 2024.
With the opening of operations in the country, Shockwave Medical entered the Costa Rican export market, comprised of 92 companies in the life sciences sector, which exceeded US$7.6 billion in exports, in 2023.
So far this year, the country’s goods exports reflect a growth of 8%, reaching $2,964 million, led by the medical sector, which grew by 5% compared to the same period of the previous year. The main exported products were medical devices ($1,203 million).
“The arrival of new companies like Shockwave Medical which has decided to invest in our country not only represents Costa Rica consolidating itself as a hub for the life sciences sector and continuing to increase exports in this industry, but also qualified job opportunities, which is one of the main commitments that we are fulfilling in the Ministry of Foreign Trade,” explained Manuel Tovar, Minister of Foreign Trade.
Laura López, General Manager of PROCOMER, commented, “the start of operations of Shockwave Medical represents a great opportunity for the economic growth of Costa Rica and the well-being of Costa Ricans. This is an investment that will strengthen our main exporting sector, generate quality job opportunities, and allow the development of high-value chains, significantly increasing the competitiveness of our country.”
Shockwave Medical offers a wide portfolio of innovative solutions and products, developed based on intravascular lithotripsy (IVL) – a technique used for the treatment of calcium deposits (calcification) in arterial layers – intended to address the needs of patients with vascular, peripheral, and coronary diseases.For this operation, the company will be recruiting candidates in the areas of operations, administration, and professional profiles, including quality engineers, manufacturing engineers, quality supervisors, production supervisors, buyers, production planners, technical support personnel, and others. Interested individuals may visit the Shockwave Medical careers page to apply.
About Shockwave Medical, Inc.
Shockwave Medical is a leader in the development and commercialization of innovative products that are transforming the treatment of cardiovascular disease. Its first-of-its-kind Intravascular Lithotripsy (IVL) technology has transformed the treatment of atherosclerotic cardiovascular disease by safely using sonic pressure waves to disrupt challenging calcified plaque, resulting in significantly improved patient outcomes. Shockwave Medical has also recently acquired Reducer, which is under clinical investigation in the United States and is CE Marked in the European Union and the United Kingdom. By redistributing blood flow within the heart, Reducer is designed to provide relief to the millions of patients worldwide suffering from refractory angina. Learn more at www.shockwavemedical.com.
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