Many meds, even prophylactic gin and tonics have some side effects. Going to Panama City or vacationing in Costa Rica or the mountains anywhere I'd take my chances avoiding mosquitos.
Hacking a new Panama Canal through the jungle I'd get everything they got ( memory loss, insanity, insomnia and impotence be damned).
That said, I'm more afraid of dengue ( it will make you wished you died as opposed to make you dead) than I am of malaria and some malaria meds. There are bats that bite in the night and fish that swim up any handy urethra to worry about, not to mention havoc spawned by deforestation, global warming and the possible bites of returning dinosaurs.