Riverpoint Medical invest $10 million in new facilities and manufacturing site in Zona Franca Coyol
Coyol, Alajuela, Costa Rica. August 22nd, 2023 – Riverpoint Medical — a leading developer, designer and manufacturer of medical devices — has announced the opening of its new facilities and manufacturing site in Zona Franca Coyol, Alajuela, Costa Rica. With a $10 million investment, the company aims to double its current workforce of 70 employees, growing to 140 associates in early 2024. Riverpoint Medical is the first custom suture manufacturer of absorbable, non-absorbable, and orthopedic fibers in Costa Rica.
This strategic move capitalizes on Costa Rica’s capabilities as a medical manufacturing hub and its proficiency in medical device exports. The initial facility phase spans 4,000 square meters, dedicated to medical device manufacturing, and is equipped with two certified cleanrooms.
The new Riverpoint Medical’s facility design prioritizes operator well-being, fostering a comfortable work environment while optimizing production potential. The company has future plans to expand its operation by an additional 3,000 square meters.
The Vice Minister of Foreign Trade, Indiana Trejos, stated: “The news about Riverpoint’s expansion is an example of how the country has successfully positioned itself internationally as an attractive destination for companies in the life sciences sector. According to Procomer’s first semester report, Costa Rican exports are led by the precision and medical equipment sector, accounting for a 40% share. Undoubtedly, this is a clear reflection of the significant efforts that have been made to transform the country into an innovative and sophisticated hub for this industry.”
“Costa Rica offers a winning formula to support our growth as an organization by combining a desirable geography, incredible and talented people and a strong education system that caters to the medical device industry,” said Doug King, Chief Executive Officer at Riverpoint Medical.
Riverpoint Medical develops, manufactures, and obtains regulatory clearance on specialized fiber based surgical products. These products include absorbable and non-absorbable textile threads, serving both the human and animal health markets in over 90 countries around the world, with production rates in the tens of millions of units annually.
“This new location will also enhance our growth potential in some of the fastest-growing medical device markets such as orthopedics, cardiovascular, dental, and general surgery,” added King.
“We are glad to welcome Riverpoint Medical to Coyol Free Zone. Their expertise in innovative and high-quality medical devices will help to continue to build Costa Rica’s leadership as a global hub for the industry and we are sure our local talent will be an essential asset to create solutions that positively impact people’s quality of life”, mentioned Carlos Wong Zuñiga, General Manager of Coyol Free Zone.
With this expansion, Riverpoint Medical aims to grow its team, seeking individuals who align with its core values of teamwork, innovation, partnership, and quality. Various roles, including operators (ideally with experience in the life sciences industry), industrial and biomedical engineers, among others. Interested candidates can submit their resume to CostaRicaJobs@rpmed.com.