DR positions itself as one of the three powerhouses on med-tech exports in the LAC region
NEW DELHI - Together with Costa Rica and Mexico, the Dominican Republic has become one of the three main countries in Latin America and the Caribbean in terms of export and investment in the medical devices sector during the last decade. These three countries have accounted for 95% of the region's exports in the med-tech sector between 2014 and 2018. With exports of 1,600 millions USD in 2019, the Dominican Republic is looking to consolidate its position in the sector by putting into place a strategic plan to increase its exports to 2,500 millions USD and surpassing 35,000 direct employments by the year 2022.
Today, the 32 national and international companies that belong to the Medical Devices Cluster of the Dominican Republic generate around 24,000 direct jobs. The overall investment in the sector is approximately 1,360 millions USD. Prominent companies from the United States of America, Canada, Germany, France and Sweden continue to venture into the country’s med-tech sector that counts with companies like Fenwal International, Johnson & Johnson, Braun Dominican Republic and Oscor Caribe.
During an interview with BioWorld Omar Jimenez, a Dominican Republic-based executive at Edwards Lifesciences Corp., from Irvine, California, said that the country is “investing in making sure that we have the infrastructure”. Jimenez expanded by saying that in 2019 the sector performed better than gold and that during 2020 it grew creating 2,000 new jobs. In addition to strong free trade regimes, legal stability and a convenient geographic location, a key factor explaining the good results for the Dominican Republic in this sector is vertical integration. The sector has progressively moved from having sister plants in other countries to being able to cover the complete supply chain in the Dominican Republic.
For more information on the Dominican Republic’s Med-tech sector visit the following links:
Forbes Centroamérica - RD, la isla de los dispositivos médicos.
BioWorld - COVID-19 pandemic charges Latin American med-tech sector.