Pharmaceutical Closes Operations in Costa Rica

Technofarma, distributor of pharmaceutical products, announced the permanent closure of operations.

Tuesday, March 8, 2011

The closing comes after spending 16 years in Costa Rica and was caused by contractual problems with its biggest customer, GlaxoSmithKline (GSK). This company accounted for almost 60% of its sales.

"Alejandro Esquivel Gerli, General Manager of the company, said the break came after Technofarma requested in December additional time to cancel a $ 362,000 order," according to the article in Elfinancierocr.com.

More on this topic

Panama: Pharmaceutical Company Enters SEM Regime

July 2017

GSK has obtained a licensed to operate under the Multinational Enterprises Branch scheme.

Sridhar Venkatesh, vice president and general manager for Central America and the Caribbean, explained to Laestrella.com.pa: "... from our SEM office we will run the site our Pharmaceutical Division for Central America and the Caribbean and the site for our Demand and Substitution hub for Latin America. With this opening, there will now be more than 300 jobs that will be generated in the country.  The projected investment for this project over three years is approximately $2 million."

Costa Rica: Pharmaceutical Company Closes Production Plant

February 2017

In a timeframe of three years GlaxoSmithKline will be moving its manufacturing operation in Costa Rica to other plants in Latin America.

The manufacturer of medicines and medical supplies announced that the decision "... was made after reviewing its global manufacturing network and identifying available production capacity in other plants in Latin America.

GSK Research Center in Panama

November 2012

British drugmaker GlaxoSmithKline has moved its Latin American clinical research and medical affairs center from Brazil to the Ciudad del Saber, Panama.

The transnational has taken advantage of the benefits provided by Panamanian law in terms of tax incentives, labor and migration, for companies who set up corporate offices in the country.

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