Value Chain Report on the Pharmaceuticals Industry in Brazil

Abstract

This report provides a comprehensive analysis of the pharmaceutical industry value chain in Brazil, detailing its structure, key players, commercial dynamics, and critical challenges. The Brazilian pharmaceutical market, ranking among the top 10 globally, moved approximately R$ 220.9 billion in 2024, with the retail segment alone accounting for R$ 158.4 billion. The value chain encompasses Input Production (Farmoquímica), Pharmaceutical Production (including R&D, manufacturing of innovative, generic, similar, biological, and other types of medicines), Distribution (wholesale and hospital), and Retail/Commercialization (pharmacy chains, independent pharmacies, hospitals, public health system). Key national players like Grupo NC (EMS), Eurofarma, and Hypera Pharma dominate domestic production alongside multinational corporations, while large retail chains like RD Saúde (Raia Drogasil), Grupo DPSP, and Grupo Pague Menos control a significant portion of the retail market. Commercial relationships are predominantly B2B and B2C, with significant B2G interactions involving the public health system (SUS). A major structural vulnerability is the heavy reliance on imported Active Pharmaceutical Ingredients (APIs), with approximately 90% sourced internationally. Other significant challenges include a complex regulatory environment managed by ANVISA, high R&D costs, logistical hurdles across Brazil's vast territory, intense retail competition, pricing controls, and the need for greater integration between domestic API production and pharmaceutical manufacturing. Enhancing domestic API production and streamlining regulatory processes are crucial for the future resilience and growth of the sector.

Introduction

Overview of the Pharmaceuticals Industry in Brazil

The Brazilian pharmaceutical industry represents one of the largest and most dynamic healthcare markets globally, consistently ranking within the top ten countries by market size. Characterized by substantial growth, driven by an aging population, increasing access to healthcare, rising purchasing power, and government health initiatives, the sector plays a pivotal role in the nation's economy and public health landscape. In 2024, the market demonstrated robust expansion, with overall movement estimated at R$ 220.9 billion and retail sales reaching R$ 158.4 billion, reflecting a significant increase from the previous year. The industry is complex, featuring a mix of large multinational corporations (MNCs) with strong R&D pipelines and dominant national companies excelling in the production of generics and similar medicines. Public laboratories like Fiocruz and Butantan also play a significant role, particularly in vaccine production and supplying the Unified Health System (Sistema Único de Saúde - SUS). The regulatory framework, primarily enforced by the National Health Surveillance Agency (Agência Nacional de Vigilância Sanitária - ANVISA), imposes stringent requirements across the entire chain, from research and development to manufacturing, distribution, and retail, ensuring quality, safety, and efficacy but also adding layers of complexity for market players.

Purpose and scope of the report

The purpose of this report is to provide a detailed and comprehensive analysis of the pharmaceutical industry value chain in Brazil. It aims to dissect the intricate network of activities, players, and relationships that constitute the journey of pharmaceutical products from their initial conception and raw material production to their final delivery to patients and healthcare providers. The scope includes identifying and describing each distinct step and segment within the value chain, profiling the key corporate and institutional actors involved, examining the commercial interactions and business models that govern these relationships, and analyzing the primary bottlenecks and challenges that impact the efficiency and effectiveness of the chain. This analysis seeks to offer deep industry knowledge, illuminating the structural characteristics, market dynamics, regulatory influences, and strategic considerations pertinent to the Brazilian pharmaceutical sector. The report is intended for industry stakeholders, policymakers, researchers, and other interested parties seeking a thorough understanding of this vital sector.

Value Chain Definition

The pharmaceutical value chain in Brazil is a multi-stage process involving the research, development, production, distribution, and sale of medicines. It is characterized by high regulatory oversight, significant technological inputs, and complex interactions between diverse players.

Detailed description of each step and segments in the value chain

The primary steps constituting the Brazilian pharmaceutical value chain are:

1. Input Production (Farmoquímica): This upstream stage is dedicated to the creation of the fundamental chemical components used in drug manufacturing. It involves highly specialized chemical synthesis processes often requiring advanced technology and strict quality control.

   • Segments:
     • Production of Active Pharmaceutical Ingredients (APIs/IFAs): This segment focuses on synthesizing the specific chemical molecules that exert the pharmacological effect in a medicine. It is a critical, high-value-added segment. Brazil faces a significant challenge here, importing around 90% of the IFAs it consumes, indicating a limited domestic production capacity relative to demand. Domestic production accounts for only about 5% of insumos (inputs).
     • Production of Excipients: This segment produces the inactive substances used alongside the API in a drug formulation, serving roles such as fillers, binders, disintegrants, coatings, and preservatives. While less complex than API synthesis, quality and consistency are paramount.

2. Pharmaceutical Production: This central stage transforms raw materials (IFAs and excipients) into finished pharmaceutical products ready for patient use. It encompasses research, development, manufacturing, and regulatory approval processes.

   • Segments:
     • Research and Development (R&D): Involves the discovery of new therapeutic molecules, extensive preclinical testing (in vitro and in vivo studies), and rigorous clinical trials (Phase I, II, III) in humans to establish safety and efficacy. This is a long, costly, and high-risk endeavor, dominated globally by large MNCs but with growing participation from Brazilian national companies and research institutions.
     • Manufacturing of Innovative Medicines: Production of new, often patented, medicines arising from successful R&D efforts. Requires significant investment in technology and adherence to high quality standards.
     • Manufacturing of Generics: Production of bioequivalent versions of innovative medicines whose patents have expired. Focuses on cost-efficiency and high-volume production.
     • Manufacturing of Similar Medicines: A category specific to Brazil, involving products containing the same API as a reference product but possibly differing in formulation or excipients. They require specific comparative tests to ensure quality, safety, and efficacy, but not full bioequivalence studies like generics.
     • Manufacturing of Biologics/Biosimilars: Production of complex drugs derived from living organisms (e.g., vaccines, monoclonal antibodies, insulin). Biosimilars are approved subsequent versions of original biologics. This segment requires advanced biotechnology capabilities.
     • Manufacturing of Fitoterapics: Production of medicines derived from medicinal plants, following specific regulatory pathways.
     • Manufacturing of Manipulated Medicines: Custom preparation of medicines by compounding pharmacies based on individual patient prescriptions.

3. Distribution: This logistical stage bridges the gap between manufacturers and the points of sale or healthcare delivery. It ensures the efficient and safe movement of finished products across the country.

   • Segments:
     • Wholesale Distribution: Large-scale distributors purchase products from manufacturers and supply them widely to retail pharmacies, smaller distributors, clinics, and sometimes hospitals. They manage warehousing, inventory, and transportation networks.
     • Hospital Distribution: Specialized distributors focused exclusively on supplying pharmaceutical products and medical supplies directly to hospitals and other healthcare institutions, often handling specialized products requiring specific storage and handling protocols.

4. Retail and Commercialization: This is the final interface with the end-user, where medicines and related products are sold and dispensed.

   • Segments:
     • Large Pharmacy Chains: National or large regional chains (e.g., RD Saúde, Grupo DPSP, Pague Menos) dominating the retail landscape, often characterized by extensive store networks, broad product offerings (including non-medicines), and integrated services.
     • Associative and Independent Pharmacy Networks: Groups of smaller, independent pharmacies operating under a common banner or cooperative structure to gain purchasing power and marketing benefits.
     • Independent Pharmacies: Smaller, often family-owned pharmacies serving local communities.
     • Hospital Pharmacies: Pharmacies located within hospitals, managing the procurement, storage, dispensing, and control of medications for inpatients and outpatients.
     • Public Health Posts (SUS): Government-operated facilities dispensing essential medicines, often free of charge or at subsidized costs, as part of the public healthcare system.
     • Online Pharmacies/E-commerce Platforms: Digital channels for selling over-the-counter medicines and other health/beauty products, increasingly integrated with physical store operations.

Main activities within each segment

• Input Production (Farmoquímica):

  • Chemical Synthesis: Executing complex multi-step chemical reactions to produce target API molecules.
  • Purification: Refining synthesized compounds to achieve the high purity levels required for pharmaceutical use.
  • Quality Control (QC): Rigorous testing of raw materials, intermediates, and final IFAs/excipients to ensure compliance with specifications and regulatory standards.
  • Process Development: Researching and optimizing synthesis routes for efficiency, safety, and cost-effectiveness.
  • Intermediate Production: Manufacturing chemical precursors required for final API synthesis.
  • Regulatory Compliance: Adhering to relevant ANVISA and international standards for chemical production.

• Pharmaceutical Production:

  • Drug Discovery: Identifying potential drug candidates through various scientific methods (e.g., high-throughput screening, rational drug design).
  • Preclinical Research: Conducting laboratory and animal studies to assess the initial safety and biological activity of drug candidates.
  • Clinical Development: Designing and conducting clinical trials (Phase I-III) in human subjects to evaluate safety, determine dosage, and confirm efficacy.
  • Formulation Development: Designing the final dosage form (tablet, capsule, injectable, etc.) by combining the API with appropriate excipients.
  • Scale-up and Manufacturing: Transferring production processes from laboratory scale to large-scale commercial manufacturing under strict Good Manufacturing Practices (BPF/GMP).
  • Quality Assurance (QA) & QC: Implementing systems and conducting tests throughout the manufacturing process to ensure product quality, consistency, and compliance.
  • Packaging and Labeling: Filling, packaging, and labeling finished products according to regulatory specifications, including traceability features.
  • Regulatory Affairs: Preparing and submitting dossiers to ANVISA for marketing authorization, managing post-approval changes, and ensuring ongoing regulatory compliance.

• Distribution:

  • Receiving and Warehousing: Accepting shipments from manufacturers and storing products under controlled environmental conditions (temperature, humidity, light) as required.
  • Inventory Management: Tracking stock levels, managing expiration dates, and processing orders from customers (pharmacies, hospitals).
  • Order Fulfillment: Picking, packing, and preparing orders for shipment.
  • Transportation and Logistics: Arranging and executing the physical transportation of products, often requiring specialized vehicles for temperature-sensitive items (following RDC 430/2020), across diverse geographical regions.
  • Traceability Management: Implementing systems to track products through the supply chain, complying with national traceability requirements (SNCM - Sistema Nacional de Controle de Medicamentos).
  • Cold Chain Management: Ensuring the integrity of temperature-sensitive products throughout storage and transport.

• Retail and Commercialization:

  • Dispensing Medications: Fulfilling prescriptions accurately and providing patient counseling on proper medication use, potential side effects, and interactions, performed by qualified pharmacists.
  • Over-the-Counter (OTC) Sales: Selling non-prescription medicines and advising customers on appropriate choices.
  • Merchandising and Sales: Managing the sale of a wide array of non-pharmaceutical products (health, beauty, personal care, convenience items).
  • Pharmaceutical Services: Offering value-added health services such as vaccinations, blood pressure monitoring, glucose testing, medication therapy management, etc.
  • Inventory Control and Procurement: Managing stock levels within the pharmacy, ordering products from distributors or manufacturers.
  • Marketing and Promotion: Implementing sales strategies, loyalty programs, and promotional activities to attract and retain customers.
  • Regulatory Compliance: Adhering to ANVISA regulations governing pharmacy operations, dispensing practices, and facility standards.
  • Customer Service: Providing assistance and information to customers regarding products and health needs.

Players Analysis

The Brazilian pharmaceutical value chain is populated by a diverse array of players, ranging from large multinational corporations and strong national companies to specialized service providers and numerous retail outlets.

Profiles of key players

• Grupo NC (includes EMS): A leading Brazilian pharmaceutical conglomerate, consistently ranking first in sales to pharmacies. EMS, its main company, is a powerhouse in the generics and similar medicines market, leveraging high production volumes and extensive distribution networks to maintain market leadership. Their strategy emphasizes accessibility and affordability.
• Eurofarma: Another prominent Brazilian pharmaceutical company, demonstrating significant growth and securing a top position in pharmacy sales. Eurofarma has a diversified portfolio and invests considerably in R&D and expansion across Latin America, indicating ambitions beyond the domestic generics market.
• Hypera Pharma: A major national player known for its strong presence in over-the-counter (OTC/MIP) medications and a strategic focus on expanding into prescription drugs and specialty care markets. Their diversified portfolio and consistent growth highlight a successful market strategy.
• Multinational Corporations (MNCs): Companies like Novo Nordisk, Takeda, Bayer, Novartis, Sanofi, AstraZeneca, Pfizer, and Johnson & Johnson have a significant presence in Brazil. They typically focus on innovative, patented medicines, often in therapeutic areas like oncology, diabetes, and cardiovascular diseases. They contribute significantly to R&D investment globally and bring new therapies to the Brazilian market. Novo Nordisk, for instance, has seen substantial growth driven by its diabetes portfolio.
• Public Laboratories (e.g., Fiocruz, Butantan): These government-linked institutions are crucial for public health, particularly in vaccine production, R&D for neglected diseases, and supplying essential medicines to the SUS. They often engage in technology transfer agreements and partnerships.
• Major Distributors: While individual names are less prominent in market share reports than manufacturers or retailers, companies like Grupo Palmed (regional presence) and Sulmedic (hospital focus), along with members of associations like Abafarma, form the critical distribution backbone. They handle the complex logistics of moving vast quantities of medicines safely and efficiently across Brazil. Their role is indispensable for connecting manufacturers with thousands of points of sale.
• RD Saúde (Raia Drogasil): The clear leader in the retail pharmacy sector, operating the largest chain (Raia and Drogasil banners). Known for its extensive national presence, high store productivity, focus on customer experience, expanding range of health services, and significant share of the consumer market.
• Grupo DPSP (Drogaria São Paulo and Pacheco): The second-largest pharmacy chain group by revenue, with a strong presence primarily in the Southeast region. Competes directly with RD Saúde through extensive store networks and diverse product offerings.
• Grupo Pague Menos (Pague Menos and Extrafarma): The third-largest group, notable for its geographic reach, particularly in the Northeast, and significant growth following the acquisition of Extrafarma. Ranks second by the number of stores nationwide.

Examples of main players and their activities

• EMS (Grupo NC): Primarily involved in Pharmaceutical Production, specializing in manufacturing high volumes of generic and similar medicines. Their activities span formulation, large-scale manufacturing, quality control, and extensive marketing and sales operations targeting retail pharmacies.
• Aché: A significant national company in Pharmaceutical Production, active in prescription drugs, generics, and OTCs, with a growing focus on internal R&D and innovation.
• Novo Nordisk: Engaged in Pharmaceutical Production (often importing finished goods or producing locally) and extensive Marketing and Sales activities focused on innovative diabetes and obesity treatments. Drives significant revenue through prescription (Rx) sales.
• Wholesale Distributors (represented by Abafarma members): Primarily active in the Distribution stage. Their core activities involve receiving goods from various manufacturers, warehousing under controlled conditions, managing inventory, processing orders from pharmacies/hospitals, and executing nationwide transportation and delivery.
• RD Saúde: Operates primarily in Retail and Commercialization. Activities include dispensing prescription and OTC medicines, selling a vast range of non-medicinal products, providing in-store pharmaceutical services (vaccination, health checks), managing store operations and inventory, and implementing sophisticated marketing and loyalty programs.

Estimates of volumes and sizes of the players

Precise, up-to-the-minute market shares fluctuate, but based on recent data (primarily 2023/2024):

• Overall Market: Total sector movement ~R$ 220.9 billion in 2024. Retail market value ~R$ 158.4 billion (PPP) in 2024. Retail volume ~8.1 billion units in 2024.
• Input Production: Brazil imports ~90% of IFAs needed. Domestic production is limited (5% of inputs).
• Pharmaceutical Production:
  • The top 10 pharmaceutical companies (manufacturers) by sales to pharmacies accounted for 48.6% of that market segment in 2024.
  • Grupo NC (EMS) led sales to pharmacies with R$ 26.4 billion in 2024.
  • Eurofarma ranked second, Hypera Pharma third in sales to pharmacies in 2024.
  • In 2023 Rx sales, top labs included Novo Nordisk, Takeda, Bayer, Novartis, Aché, Sanofi, AstraZeneca.
• Distribution:
  • Distributors handled 57% of retail volume (4.6 billion units) and 55.7% of retail value (R$ 88.3 billion PPP) in 2024.
  • Abafarma members (representing major distributors) handled R$ 60.8 billion in value and 2 billion units in 2024.
• Retail and Commercialization:
  • Approximately 93,700 pharmacies/drugstores were active in 2024.
  • RD Saúde held approx. 28% of the main consumer market share among pharmacy chains in 2024, with revenue of R$ 3.6 billion in 2023 (ranked 4th largest Brazilian retailer overall).
  • Grupo DPSP and Grupo Pague Menos each held around 11% of the main consumer market share among chains in 2024. Together, these top three groups concentrate roughly 40% of the primary consumer market.
  • The 29 large networks associated with Abrafarma (Association of Pharmacy and Drugstore Chains) accounted for over 47% of retail pharmaceutical revenue (up to Sept 2024) despite operating only about 12% of total establishments, indicating high concentration and productivity in the chain segment.

Value Chain Summary Table

Value Chain Step	Main Activities	Segments	Types of Players	Estimated Volumes/Sizes (2024 unless noted)
Input Production	Chemical synthesis, purification, quality control of IFAs and excipients.	IFA Production, Excipient Production.	Chemical/Farmoquímical Industries, Specialized API Manufacturers (mostly international).	Brazil imports ~90% of IFAs. Only 5% of inputs produced domestically.
Pharmaceutical Production	R&D, formulation, manufacturing (BPF/GMP), quality control, packaging, regulatory affairs.	R&D, Innovative Medicines, Generics, Similars, Biologics/Biosimilars, Fitoterapics, Manipulated.	Multinational Pharma (e.g., Novo Nordisk, Bayer, Novartis), National Pharma (e.g., Grupo NC/EMS, Eurofarma, Hypera, Aché), Biotech, Research Institutions, Public Labs (Fiocruz, Butantan), CMOs.	Overall market ~R$ 220.9 billion. Top 10 labs hold 48.6% of pharmacy sales. Grupo NC (EMS): R$ 26.4 Bn pharmacy sales. Production volume not explicitly aggregated.
Distribution	Warehousing, inventory management, transportation (controlled conditions), traceability.	Wholesale Distribution, Hospital Distribution.	Wholesale Distributors (national/regional, e.g., Abafarma members), Specialized Distributors (e.g., Sulmedic), Logistics Operators.	Handled 57% retail volume (4.6 Bn units) & 55.7% retail value (R$ 88.3 Bn PPP). Abafarma members: R$ 60.8 Bn value, 2 Bn units.
Retail & Commercialization	Dispensing medicines, sales (medicines, non-medicines), pharmaceutical services, inventory, marketing.	Large Chains (e.g., RD Saúde, DPSP, Pague Menos), Associative Networks, Independent Pharmacies, Hospital Pharmacies, Public Health Units (SUS), Online.	Pharmacy Chains, Independent Pharmacists, Hospitals, Government (SUS).	Total Retail Sales: R$ 158.4 Bn (PPP). Total Volume: 8.1 Bn units. ~93.7k establishments. Top 3 chains ~40% consumer share. Abrafarma networks >47% revenue share. RD Saúde Revenue: R$ 3.6 Bn (2023).

Commercial Relationships

The Brazilian pharmaceutical value chain operates through a complex web of commercial relationships governing the flow of goods, services, and payments between its constituent players. These relationships are predominantly business-to-business (B2B), but also include significant business-to-consumer (B2C) and business-to-government (B2G) interactions.

Explanation of how players interact commercially

• Input Suppliers to Manufacturers: Farmoquímica companies (API and excipient producers, largely international) engage in B2B sales with pharmaceutical manufacturers. These transactions are governed by supply agreements specifying quality standards (pharmacopeial compliance), delivery terms, volumes, and pricing, often involving long-term contracts for critical materials. International transactions involve import/export regulations, logistics, and currency management.
• Manufacturers to Distributors/Large Buyers: Pharmaceutical production companies sell finished goods in bulk via B2B transactions to wholesale distributors. They may also sell directly to large hospital groups, major pharmacy chains, and government entities (SUS) through tender processes or direct negotiation. Sales terms include pricing (subject to government regulation for many drugs), credit conditions, volume discounts, and promotional allowances.
• Distributors to Retailers/Hospitals: Wholesale distributors engage in B2B sales, supplying a wide range of products from multiple manufacturers to numerous retail pharmacies (chains and independents) and hospitals/clinics. These relationships are crucial for ensuring product availability across dispersed points of sale. Specialized distributors focus on the B2B hospital market. Transactions involve order processing, delivery logistics, and credit management. Distributors operate on margins earned between their purchase price from manufacturers and their selling price to customers.
• Retailers to Consumers: The primary interaction at the final stage is B2C. Pharmacies sell prescription and OTC medicines, along with other health and beauty products, directly to the public. Transactions involve payment processing (cash, card, health plans) and dispensing services. Large chains aggressively use loyalty programs and promotions to foster customer relationships.
• Manufacturers/Distributors to Government (SUS): Significant B2G interactions occur through public procurement. Manufacturers and sometimes distributors bid on government tenders to supply medicines to the SUS. These relationships are formalized through contracts, often involving large volumes and negotiated prices, influenced by health technology assessments and budgetary constraints.
• Interactions within Production (R&D): Companies involved in R&D interact through B2B collaborations (e.g., a pharma company contracting a Clinical Research Organization - CRO), licensing agreements (paying royalties for drug rights), or partnerships with universities/research institutes for early-stage discovery.

Products and services exchanged along the chain

The flow through the value chain involves tangible products and essential services:

• Inputs -> Production: Exchange of Active Pharmaceutical Ingredients (APIs), excipients, and chemical intermediates. Associated services include quality certification documentation, technical support, and regulatory filing support.
• Production -> Distribution/Retail/Hospitals/SUS: Exchange of finished pharmaceutical products (innovative drugs, generics, similars, biologics, OTCs, etc.) in final packaged form. Associated services: product information, pharmacovigilance reporting, marketing and promotional materials, training on new products, and regulatory documentation.
• Distribution -> Retail/Hospitals: Exchange of finished pharmaceutical products. Core services provided by distributors are logistics management, temperature-controlled warehousing and transport (critical for compliance with RDC 430/2020), inventory management, order fulfillment, delivery, and traceability data management.
• Retail -> Consumers: Exchange of prescription medicines, OTC medicines, and non-pharmaceutical goods (personal care, cosmetics, convenience). Accompanying services are pharmaceutical dispensing, patient counseling, health monitoring services (blood pressure, glucose), vaccinations, and general health advice.
• R&D Phase: Exchange of intellectual property (patents, licenses), research data, clinical trial management services, and specialized analytical services.

Business models used in relationships between players

Diverse business models underpin the commercial interactions:

• API Suppliers: Primarily a bulk commodity supply model (for established APIs) or specialized chemical synthesis model (for complex/proprietary APIs), focused on B2B contracts.
• Pharmaceutical Manufacturers:
  • Innovative Model: High R&D investment, seeking patent protection and premium pricing for novel therapies (typically MNCs). Revenue driven by value and exclusivity.
  • Generic/Similar Model: Focus on manufacturing efficiency, cost leadership, and high-volume sales of off-patent drugs (strong presence of national companies like EMS). Revenue driven by volume and market share.
  • Public Health Model: Production focused on supplying essential medicines and vaccines to the public system (SUS), often on a non-profit or cost-recovery basis (e.g., Fiocruz).
  • Contract Manufacturing (CMO): Fee-for-service model, providing manufacturing capacity to other pharmaceutical companies.
• Distributors: Logistics and Wholesale Model: Purchasing large volumes, breaking bulk, and distributing to many customers. Profitability based on operational efficiency, inventory turnover, and the margin between buy and sell prices. Provide essential reach and consolidation services.
• Retail Pharmacies:
  • Chain Retail Model: High-volume sales of pharmaceuticals and non-pharmaceuticals, leveraging economies of scale, branding, prime locations, and increasingly, integrated health services ("health hub" model). Focus on maximizing revenue per square foot and customer loyalty (e.g., RD Saúde, DPSP).
  • Independent/Associative Model: Often focused on personalized service, community relationships, and potentially specializing in certain niches (e.g., compounding). Associative networks aim to gain some scale benefits.
  • Compounding Pharmacy Model: Specialized B2C model providing customized medications based on individual prescriptions.
• Hospital Pharmacies: Operate as an internal cost center or service department within a hospital, focused on medication safety, supply chain efficiency within the institution, and clinical pharmacy services supporting patient care, not direct profit generation from sales.
• Government (SUS): Primarily a large-scale purchaser model, utilizing tenders and price negotiations (regulated by CMED - Câmara de Regulação do Mercado de Medicamentos) to acquire medicines for public distribution, aiming for cost-effectiveness and broad access.

Bottlenecks and Challenges

The Brazilian pharmaceutical value chain, despite its size and growth, grapples with several significant bottlenecks and systemic challenges that impede efficiency, increase costs, and pose risks to supply security and innovation.

Identification and analysis of the main bottlenecks and challenges in the value chain

1. Critical Dependence on Imported APIs (IFAs): The most significant structural weakness is the reliance on imports for approximately 90% of the APIs needed for domestic drug production. This creates substantial vulnerability to global supply chain disruptions (as seen during the COVID-19 pandemic), price volatility in international markets, fluctuations in currency exchange rates, and dependence on foreign suppliers (primarily China and India). This dependency stifles the development of a robust national farmoquímica sector, limits technological autonomy, and potentially increases the final cost of medicines. There is strong political and public support for strengthening domestic production, reflected in initiatives like the "Nova Indústria Brasil" program, but overcoming the economic and technological hurdles remains a major challenge.
2. Complex and Burdensome Regulatory Environment: While necessary for ensuring safety and quality, the regulatory landscape governed by ANVISA is often cited as complex, bureaucratic, and slow. Obtaining marketing authorization for new drugs, variations, or manufacturing sites can be a lengthy process, delaying patient access to new therapies and increasing operational costs for companies. Frequent updates to regulations (e.g., Good Manufacturing Practices - BPF, distribution rules like RDC 430/2020 for temperature control, traceability requirements - SNCM) require constant adaptation and investment in compliance by all players, from manufacturers to retailers. Navigating these requirements can be particularly challenging for smaller companies.
3. High Cost and Risk of Research & Development: Developing innovative medicines requires immense financial investment over long periods with a high probability of failure. While Brazilian pharmaceutical companies are increasing their R&D spending, and the sector invests heavily compared to other industries in Brazil, the national ecosystem still struggles to compete with global hubs in terms of generating truly novel drugs (new molecular entities). Challenges include accessing long-term funding, building sufficient high-level scientific expertise, and fostering stronger collaboration between industry, academia, and government research institutions. This limits Brazil's potential for capturing higher value in the global pharmaceutical market and contributes to the reliance on imported innovative drugs.
4. Logistical and Infrastructure Deficiencies: Brazil's vast territory, coupled with uneven infrastructure development (roads, ports, storage facilities), poses significant logistical challenges. Ensuring timely and safe delivery of pharmaceuticals, especially temperature-sensitive products requiring validated cold chains, to all regions of the country is complex and costly. This increases distribution costs, adds lead times, and heightens the risk of product spoilage or damage, particularly impacting access in remote or underserved areas.
5. Intense Retail Competition and Consolidation: The retail pharmacy segment is marked by fierce competition, especially among the large chains (RD Saúde, DPSP, Pague Menos) which are rapidly consolidating market share. While this can drive efficiency and potentially lower prices on some goods, it puts immense pressure on independent pharmacies, potentially reducing consumer choice and access in certain localities. The increasing focus of chains on non-pharmaceutical products and services also shifts the traditional pharmacy model.
6. Pricing Regulations and Reimbursement Pressures: Government price controls, managed by CMED, affect the profitability of many medicines, particularly in the retail sector. Furthermore, negotiations for supplying the public health system (SUS) often involve significant price pressure. While crucial for access, these mechanisms can impact manufacturers' and distributors' margins and potentially influence investment decisions regarding which products to launch or prioritize in the Brazilian market. Balancing affordability with industry sustainability is a constant challenge.
7. Supply Chain Security (Counterfeiting/Illicit Trade): The risk of counterfeit, stolen, or substandard medicines entering the supply chain poses a serious threat to public health and the reputation of legitimate players. Implementing and enforcing robust traceability systems (like the SNCM) is essential but complex and costly to deploy across the entire chain.
8. Fragmentation and Lack of Integration: The stark divide between the heavily import-dependent input stage (Farmoquímica) and the relatively strong pharmaceutical production stage highlights a lack of vertical integration within the national value chain. Strengthening the linkages and fostering domestic API production is essential for building a more resilient and self-sufficient pharmaceutical ecosystem in Brazil.

Value Chain Relationships and Business Models

This section revisits the commercial relationships and business models within the Brazilian pharmaceutical value chain, explicitly highlighting the interplay between steps, the products/services exchanged across interfaces, and the challenges embedded within these transactional relationships.

Explain the commercial relationships between the steps and segments in the value chain

The value chain operates through a sequence of interdependent relationships:

• Input Production -> Pharmaceutical Production: The relationship is supplier-customer (B2B). Farmoquímica provides essential raw materials (APIs, excipients) based on contractual quality and quantity specifications. The overwhelming import reliance (~90% APIs) means this relationship is often international, involving complex logistics and trade finance. The key challenge here is the dependency and lack of domestic alternatives, creating supply risks.
• Pharmaceutical Production -> Distribution: Manufacturer-distributor relationship (B2B). Manufacturers sell finished goods in bulk; distributors provide market access and logistical services. The exchange involves physical products and associated regulatory/commercial information. Business models rely on volume and efficiency. A challenge is managing inventory across potentially long lead times and ensuring compliance (e.g., temperature control handovers).
• Distribution -> Retail/Hospital: Distributor-customer relationship (B2B). Distributors supply a portfolio of products from various manufacturers to numerous points of sale/use. Products exchanged are finished medicines. Services are warehousing, transport, and order fulfillment. The business model is based on logistical efficiency and margin management. Challenges include maintaining service levels across vast geography and managing credit risk with smaller customers.
• Retail -> Consumer: Retailer-customer relationship (B2C). Pharmacies sell products and provide dispensing/health services. The business model is shifting from pure dispensing to includes broader health and wellness offerings, especially in large chains. Challenges include intense competition, margin pressures, and regulatory compliance at the point of sale.
• Production/Distribution -> Government (SUS): Supplier-government relationship (B2G). Medicines are supplied based on tenders and contracts. This relationship is crucial for public health access but constrained by budget limitations and price regulations, posing profitability challenges for suppliers.

The products and services exchanged along the chain

• Core Product Flow: APIs/Excipients -> Finished Pharmaceutical Products (tablets, capsules, injectables, etc.) -> Final Dispensed/Sold Medicine.
• Key Service Flow: Quality Control/Certification -> Manufacturing (under BPF/GMP) -> Logistics/Warehousing/Transportation (under controlled conditions) -> Dispensing/Counseling/Health Services.
• Information Flow: Regulatory Documentation -> Product Information/Marketing Materials -> Pharmacovigilance Data -> Traceability Data -> Prescriptions/Sales Data.

The business models used in relationships between players

• Upstream (Inputs-Production): Dominated by B2B supply contracts. Manufacturers employ either innovation-focused (high value, patented) or generics-focused (high volume, cost efficiency) models.
• Midstream (Production-Distribution-Retail): Primarily B2B wholesale/logistics models for distributors, connecting manufacturers to retailers. Retailers use high-traffic B2C models (chains) or service-oriented B2C models (independents), increasingly incorporating services.
• Downstream (Retail-Consumer): Direct B2C sales, with business models varying by retailer type (chain vs. independent vs. online).
• Parallel (SUS): B2G procurement model driven by public health needs and cost containment.

The main bottlenecks and challenges in these transactions

• Input Procurement Transaction: The primary bottleneck is the lack of domestic supply for APIs, forcing reliance on complex, potentially unreliable international transactions. Pricing volatility and import logistics are key challenges.
• Manufacturer-Distributor Transaction: Challenges include aligning production forecasts with distributor demand, managing credit terms, and ensuring seamless handover of products while maintaining quality (e.g., cold chain integrity). Price regulations impact negotiation power.
• Distributor-Retailer Transaction: Logistical complexity across Brazil is a major bottleneck, affecting delivery times and costs. Maintaining consistent supply to thousands of dispersed pharmacies, including independents with varying creditworthiness, is challenging.
• Retailer-Consumer Transaction: Intense competition squeezes margins. Regulatory burden (dispensing rules, pharmacist presence) adds operational cost. Balancing prescription business with higher-margin non-pharmaceuticals is a strategic challenge.
• Government Procurement Transaction: Bureaucracy in tender processes can cause delays. Price pressures inherent in B2G negotiations can strain supplier profitability and potentially impact willingness to supply certain low-margin essential drugs. Budget uncertainties can affect payment timelines.

Conclusion

Summary of findings

The Brazilian pharmaceutical value chain is a large, complex, and growing ecosystem generating substantial economic activity, estimated at over R$ 220 billion in 2024. It comprises distinct stages: Input Production (Farmoquímica), Pharmaceutical Production (R&D, manufacturing), Distribution, and Retail/Commercialization. The market features strong national companies (Grupo NC/EMS, Eurofarma, Hypera) competing effectively with global MNCs, particularly in generics and similars, while MNCs lead in innovative segments. The retail landscape is increasingly dominated by large chains (RD Saúde, DPSP, Pague Menos), which control a significant market share and are expanding into health services. Commercial interactions are primarily B2B and B2C, with critical B2G relationships involving the SUS. Despite its strengths, the chain faces significant challenges, most notably a critical over-reliance on imported APIs (~90%), complex ANVISA regulations, high R&D costs, logistical hurdles, intense retail competition, and pricing controls. These factors impact efficiency, cost, supply chain resilience, and the potential for domestic innovation.

Recommendations or areas for further research

Based on the analysis, several areas warrant attention:

1. Strengthening Domestic API Production: Policies and investments aimed at significantly boosting Brazil's capacity to produce IFAs are crucial for reducing external dependence, enhancing supply chain security, and potentially lowering costs. Further research could quantify the specific economic and technological barriers and identify targeted incentive mechanisms.
2. Regulatory Process Optimization: While maintaining high standards, exploring ways to streamline ANVISA's review processes for drug approvals and variations could accelerate patient access and reduce burdens on the industry. Comparative analysis with other regulatory agencies could yield insights.
3. Enhancing R&D Ecosystem: Fostering greater collaboration between industry, academia, and government, along with targeted funding and incentives, could improve Brazil's capacity for pharmaceutical innovation. Research into successful R&D ecosystem models elsewhere could be beneficial.
4. Improving Logistical Infrastructure: Investments in transportation and warehousing infrastructure, particularly for cold chain management, are needed to improve distribution efficiency and reach, especially in underserved regions.
5. Monitoring Retail Consolidation: Assessing the long-term impact of pharmacy chain consolidation on consumer access, pricing, and the viability of independent pharmacies requires ongoing monitoring and analysis.
6. Value Chain Integration Analysis: Deeper analysis of the specific points of friction and potential synergies between the different stages of the value chain could identify opportunities for improved coordination and efficiency.

Addressing these areas is vital for ensuring the continued growth, resilience, and contribution of the Brazilian pharmaceutical industry to both the economy and public health.

References

• Abradilan. Dez maiores farmacêuticas do Brasil detêm 48,6% das vendas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK4dBmW7IL9RJrghI81NrTydx17jDcvLPcJ4rnNRn2f5n8GkMkcFku27e0pt7zAEFjLiJqaY4vDTnyw0BSDp4BDXTX-8HtzLrfoLRx6vssa4XhvxFLdf1kLe4rqa3Hry-GwhRsD4GId0WAZJ2LjBMwewmueCX0nlRG2UtSnxK0xQDM38Z_dcEoRtcqly7wpDf2bEEQq
• Abradilan. Dez maiores farmacêuticas detêm 48,6% das vendas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALpXuNxLNuYpAUq48iyrcyWHkTee43sqtPbo5sKgazL_0uOyljDTRCA20arcXfsQkJYHlIuPwNOJg3jZVTbD-R3p4AVQuAUnr6LPsZOzTb_BMvq_xKG8mpXhhyTJdAMl1xnbkCfpigFP4VOzx4pu0KpSCRF92zXOLs4jHN9PKMaoOiEo-0RLXfJUkHIQc-DnT-xyvA=
• Abradilan. Crescimento das grandes redes de farmácias. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJQvM2Bbhx0gRiEaCgbjryC4a51OVqPyYh9AEXJmJnBtkvcO9voUj4vOBer-GpuM9d52e3lxpapdndt6uF-Yz_k2QJ7iN7ukVsS6SMJ4bCMOVLArW2Y28op7s2tRE0MG3yt0o65C0PWDBhNmKI7QorBJJkxUeQqIlkLrOkQTvtkZbNhAYQPHw==
• Abradilan. Setor farmacêutico cresce 12,7% em 2024, mas reajuste autorizado gera dúvidas e impacto no bolso do consumidor. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ6oewzup0MipyduN_YHEGepVM7-62jACI8s2nBbIJ-3AJFMY1UNg9FFM-JBqiqymPaEx0GL0OYBsiSZ-Zvx0qQjNvrNEmPz6m4KI_YAzdvSIntrzqIr-xzlffWuKki22R_tebGxIYeTb97cOMG0IJQda_-wHafXM9xTPi-y8zpGCHXj2rJiIkV47b6J-1Ht50f1swI9KjvTqrm1mZwbHkyyZXp12cW4cNQDPAHL-0Th63snYfvWUVxIZ2DLayII8-E7XkktdOfsw==
• Agência Gov. Nova Indústria Brasil contribuirá para fortalecer produção de medicamentos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK5Kv9aeoW7mQcz7FY1jkZ1INxL5cQgkt7AIc3-i4Ch4QDZqHqf2-sAy7fa5QYJkZHGB1YgUkuEFvMMt-B0El11vD9EwIfMrWeBZOeUZfjBC2VNU2BCVTA5cw8Dx8mlkRgoXbokOIlm1UAxOzkukZ2caTo-szPj2NOdJ16IzjQOruC0gmFuzq5VXWcuI8RhR1jXY3ML93Qn-8GLKcYV5uCIez_XaKylfOvUvTG7Fjo=
• Anvisa. Anvisa divulga dados do anuário sobre a indústria farmacêutica no Brasil. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI1R1mDDEsWkUAyXNIG3V3JR8uDNGaFC0EGZXsmnicqrgjVhLjUsjitLh7pJIjz4_iwiu_aCJRO3eVqoPUJgqGpzCYS42eJ4bbN0QulIjVkgLB0yVJd7J-RxPuCs3zP8zNyOTE_X-5vmD6s_stpzPHnic0rMGD3ARBKWdMhst8YndvQoqJPSkvyhRtsQbg5TutRP19f44t9nIyyVNClNfCTUOQUcFhdee_dr1FGxCMrfLV07N95SZpWrJ90ezY=
• Anvisa. Aprovado novo marco regulatório de BPF. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI9gDWl7qkGtIKzBl5OeE2gjax-wbsV6gSZtX0Q-9QnuBY0c-3HVVAbPpsmUG0BqPxSJC_9oj2TjGWvDZILZhZhn2K1URb1oXe_0uaU6_TyN_M-XQvbCBF-y5CG6om9qBi4Nf5NVI5PtvdA3SMLicxcwd7FO4C6np2Rqx1446cyD_0nlU_bsE2gjHHqoyjUUsbB05iWhWgBvn03boaPeORyOkXf7iQhL348ahmaLy_wUNndR1XSMFigwG2devY0m9uvgjQRsVOwOB7ubSMJs5ZZIw5nB7pIJ5kxOvXlHHBhTlWQUOTUhMvy8_056GAg1cwaffHcDKQma-dLjjo1ZwQ-U6Ymf-AoVpFu8J2TR9
• BNDES. Cadeia farmacêutica no Brasil: avaliação preliminar e perspectivas. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKpPq6Hc2123pZ1bGwbMmVaJWel4gqVfKerr8qqxAwLd0Mtt07BHKYqDRzM3jz-eWBoxnFsGSCn7Q_lc_J3wXtH5Nkpn3lucfeykmvUuqKnN37WOobBIjCorrVADwC3BzcgOJ-QUpswySDkiDyP6yCAfy6E5w7w6Uh4YiFaQrnbqUdJci2rQ-YuivTv7IZNDk3TqL-7n9eOyK2thF8e_xMAic8=
• CDPI Pharma. O tamanho da indústria farmacêutica nacional. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI6RO0SvLYlBz9Iw4WD228qTJUiXouKW-MSKs8qfdnBezT5pE3ovspu2i1pqoJoZzG5720LxBWKrqo7EfwcjItrP_MeGjVU7CaG4QNAXYgOcewXCD3tzoRls3qcXbusXdoJ6r3Im5D6lT9-KEE6v4iWaPcVHnCJku6v9Fpl8GXReJLrPWs1tg==
• CDPI Pharma. O investimento da indústria farmacêutica em pesquisa e desenvolvimento. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIOPI2aIWEOzjsR1K6-rAh1Hm2DPdVMdF_kNBLsfb3AAHDT7UH9m936C3zLVkxFJXvpZqGj1CbsDy8J04jQd3YE0jP7IdcG8cgBHvESA-TL7o8UAKGmJ5nR1-CBUOucQe_E6itidecJ0JB06UWKhDov1uWHtP9wQ60fci-Obr-UY-M_3RWWcaRxmvEBmdYNVNWpixpsBwBJ45W9fCL9WNk=
• CFF Admin. Por que o Brasil não avança na pesquisa e desenvolvimento de ativos farmacêuticos?. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKhmSIV-KbQjIEDsZeWVffd53eAxC7v4JJy00N3e-qRNNpYL52FinOeJxqgSJ-z3WthotUFATXtWFATeui1i7w4sS905K0fj3ZxCe9qB9zkzWIgc5Qyl2uYY33nTRjdLnvWV4paSs4zSBqoLA_vHbfmDakPN6eaGyOJd5x4ZNeCmMYlxJUxmm47t8vYKC2LK7D2PBhwFqVIDEZA
• CNN Brasil. Brasil importa 90% da matéria-prima para a produção de medicamentos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJkEXBgRqERKM3OU_1a5P2V1bZL2YlQQkpi0NR3QpPWDTKCsWS6XYRohS5UlGSS-ROeAtK3rZKJA9rJbqXzq2cpVP1--_5IF4C7P9BfRm7pS1vh08F9uTrRyNkl36LxoLR4IoRPdvMN1eDexnFCcOAcJ4XsCEud98QONXeXR7cTH38qvWKn_ybIceqVFaztln4f2JV8W4RkH1IgJz4=
• Dr. Fisiologia. Indústria farmacêutica brasileira e suas tendências (2025). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKQMu9XsUuRgkirb0jpcJZmL3WYZ922MGauO9kxE34Zfp662VYuzCVFMkQ1WZSYOMyYE9PloY2nPyxsLE8d3Ks50aSaH_pd2dsu59Kti8O4MChE3SF8HByKohD9IIR1uC_gAS8X8s8nGXes3OyMbGqIIg6pPAr2ivb7UBCAXrOJ_4wGPmp5ASQ=
• Faz Acontecer. Investimento em P&D pela indústria farmacêutica bate recorde em 2022. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALZynRIWGqCJ-wZgBo4zLFnzabvpqb0qsyvVQluWMsc_pae42RR1aGNaM9oxtCHyF-lFrxShFfjRYmkYIB6i7dZpCQk1M_s0vSkM59tXTPAw9rIlBtOsDRKkA4LUf6oAGaYlRdwx_WnSGmVBuVuYXyCEzhuHM4P_O0hz5HoH-WXnFXx4CYC75eCBGqKd4tezfvl7MGU8a5QgA==
• Febrafar. Varejo farmacêutico: veja destaques de 2024 e expectativas para 2025. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKM2-l05VCBsp7WQvPVjFuC3u6Jc0hcd0aTLW5mQVfaSl75mWVgEIxcZPq80Dv4ohIsFtH167y1h6qCcwp_IR44Q3w2cQfdMZLxP1rMMV-yMQUWmSW3fZRvrRR3uLLcIMJKgjCWvaPuiScFDNv4F1wr2K1ZkUHEXHiA1msHYAxkMXnmg16SmUOWirPA4ca2tVvEMA==
• FIA. Indústria farmacêutica: características, setores e mercado de trabalho. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKookK2CQWz2tEgTJ0j_F0pBsgoqtjkZX0ZeT5gsx-S0cNeEaXOzPrQ8CzvOORCTk59VD1Y2swU0eB35_1VxIkKGY5GWTN7yj_WuzWS7r2pmlNIlXvllByL0eEhzwBNV8JQgCCOog==
• Grupo FarmaBrasil. Pesquisa, desenvolvimento e inovação no Setor Farmacêutico: o Brasil no cenário internacional. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALZ2BETI3jPiRqzuek8DKdowsfWRbliOaSPqQOExfaoUWoX-oTE_-mA7SZojjIWTDWbTVD7kRaB1thQrBExgHLcncmV9elcdjrLg1yLlFX6hsQY9vFjPgpGOrDU5MvDpdg2XvbpF7RS6YRjd9mFlekCm6MtGYTwTrTiQBNV3MwGFCkjnviVQHwlycEARbPKvR3LDkiTALdo3lOCt-uF7Z_JjC57zYUaVHWDz-N8n9YM_2bhbcXTbC-OcpnEspKK
• Grupo Palmed. Distribuidoras de Medicamentos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK6c43iajOsA7zTZUdPy7RvC1sErJ8AuObgS20laAWZ-96gD7BlB_LnlIoR9lUwSS2RQuH9ls8OTSNpPBLxfwSfe_ON1LbzBnm494rI5LxdMPYjs-yp
• ICTQ. 14 atualizações regulatórias para a Indústria Farmacêutica em 2018. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKu-mC6S157t6K7EBEnAiOLaLWmM7MontA5Td_VmJnnaOBj5ddWHZNxAxNncFhCcWfwwnkeOjVwmrMtKBwWYokC7yUGoDplUf8cGH5lXeWIHQJraSRbSZksTaGagcFWXOFyIY619tF902odELU0_olAjJfqGkF21xuoJNulK0OiExw8hsHNgrEmBqghNDvjMe1DQa4S05RCcM3COzqtLF1sQ_bMurUbAQ==
• ICTQ. Os modelos de negócios farmacêuticos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIDIs1EXmr0VX2UaHFTyFmlDgRMdb39NLBfcqSiBZgfflx7WaYivX5C0haEQxlpCAPgoymRl-mQ5ir_A5uk9wuB49rKMOXJADTn3ylJIUADw17Yrat__aoZrwv7ZNkCHbkwKKh9zYe_YthUi4B1YgbITFRr6sCoOqTBKe-iSPdejd9DwzQe
• ICTQ. Anvisa - Confira as principais atualizações regulatórias que ocorreram nos últimos seis meses. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALPVMuXn_y5xwz3c2_zaD4ZbEZQGF5x6WRcZ3wZ49Nq5JVlaw_MskHDuOx8DJWW_qzM9WxZaReHgdEEa2jawEf4lOG0LaVWOJMNzZ_AcMRwgwE5Q_P4K2dHnAZAqxZnf1FpF5cKMhuoRZclr_JTES8kpqKRGnPN_AtLreKWnuh2JtbfYGkkafG6kxuyUx13GbZ1CkbyNfecMRTETLI4zT9N9PDRXq-zZboNbHSsnAVOgLBRB8QzHPpbR5uI8zUl787_
• InvesteSP. Setor farmacêutico é o que mais investe em pesquisa e desenvolvimento. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKI7DFTS-I3JlUk2dRk4u3WTrV3k-2_qAG6X_cwCznMOB8zdDAtEg0jCLy-sTtqbldWP1SzkycYrCyWK6J8f-ERZZWfjC2sy6r4OLRNCo8rJB7geBaiji78G4K9tp9yPlHV1kCkhMSUbfh3ycnGiDdN4UHIO7iSu_xiK_mhnLAvRd0xDLVo4gFDM26iD5IsLhtor560Knlju7S1usuQwdq57Ao=
• MOOC Fiocruz. Indústria Farmacêutica no Brasil: um breve panorama. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKfeo_M1IRzxZdKgzm61fIQTNHqHxNKQNCjFPmoxYlzxKnSUj_79D0-tAke-J5vrhSFno-gPNlPw5PnM-OegK1wzDYGs7wtQJTQRF9KlbsCbMrDo0kPMzxdzVEtFkGwC4z39A3sHfMc2_eNWJxxJVRDo-CLQtSWOKcxQjNq3vaqNrRG55vCfz6TVC_du-1WzmM3C1XwdqcME9334I_kXb486WeRO895FYK5Rk4=
• MOOC Fiocruz. Estágios da produção de medicamentos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJBpCUNWA2GIdEK4B74S7G_SkSCnouS08rcWI2fCEYd9EFvOl25auLohQ_dTVbDFcG7_Me8Xxoy6UrthMMWSxiba8CUpiP7LEZMhCFHhh8ZqEZOZn20R6b5x-ttrbd9Q02cOnVtKsX3XiFoPzrnyyB0mZ3TW4WYUjm8531XvLq6Hs-rQOw0fP_sYj7Hv8QcTEyfkA-EahtkslEV15s=
• Medicina SA. 90% dos brasileiros preferem a produção de medicamentos e insumos no país. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALRfFyn4myA06BTLPLsw4ZjKhLysuixsN-x1uPBY_jpKFarhXPXVJ-iX6JaDKpq-MZkkqQaA5YzvAIovU8p1wkKq1bItWutaZl7bXbQCu9tvDkCkkCeWdUv0hZDIQiLA3dyPInTBWg=
• Medicina SA. Três grandes grupos de redes de farmácias concentram 40% do mercado no Brasil. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALt0gL0jgjYp84ICSxVmPrid3Wljdfvx8RZrFI_fb8dZMYIKdXH7lkeRJQVVr03mtdGz_WnJpH0RI6Wke_6kxcSUsyIYBsHKG7nE1Z7Jq6OSlIUKn42uSGgd2bE59Gdl8-w1YAgc_KJdBS41WXI5uOYkDUWCEIbAfhD_lgUz2lfakMFunYptYP4hul_fW7zkMhB1JM2fTR6h44xZkMtJv6c6ZyDp3Jn
• Medicina SA. Três grandes grupos de redes de farmácias concentram 40% do mercado no Brasil. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIk34XBoqasSLvxVKCo9esjEaCOKMUG-xT1BYilO8bi3GrTiQUpYtshRQCKMo53MjQbGvLPD50Q2OAp8QI-CUQpkclD8dGGnTdYG9JdOKStsVMMUiW2tl1rPWdIFGw1M24=
• Medicina SA. Varejo farmacêutico cresce 11% e movimenta R$ 158,4 bilhões em 2024. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI08jkENfgmtq0pdfAglEEqmva87EFi02Nnl6XzbaLvJuSf0sVr06tzIn-3e-fNYZgWmSNQEzdNQaCB6NXpQD-JdLYHBjRVWsurGaxskgHmRoGMefB2-vT9bzuUwcAwYdPCgL0Q
• Natcofarma. Varejo farmacêutico: Confira as principais tendências. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKRwEohyEUDL_ina09Sn7GcxqmWD6MHTMVYYKSvu8VeVXzmNLqVNUYa3UZvFy3ahDGYzPGFu3K8vKFzGGcE7YSgVLg-FqnfRvFeJjwtrXVA7nUdQ5Qv8zDnYxI7FbNj7wpJqaT726EZtC57Q1Y=
• Omni Hospitalar. Como funciona o processo de distribuição de medicamentos?. https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAIVmYqqNGSA0N8hZdyJkWIGCnBPAqD8Vlg9_03oIRZNfhX1GD96pQq2B0S0AnSMF-cpGbHDNNQHRi29_QflBjIy-Iut00FV12RLnC7iNmxtDfDWY-7DrpVc3ukmFHJeVpjrW0SgC-8QzhYEd6THPLifn_crM3LZeybcqddfx_UM5yDVQfP-gfapEIWAUD8UlF_6QTwCUq0C6g==
• Panorama Farmacêutico. Dez maiores laboratórios do Brasil têm 55% do mercado. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJdgOgJGT-yf6Xs8QSu2zs9sQJmCXVtGknZ-HFxiDNByocwokIi8kRjvxbYiHuUkkpCMs2onZLzrxjYfKyd4xmMna3UvFh3-iG3xsANWmt4NElBiepjjKSnmEdSLc2FXhunY7-f0EfzOSKtf_ALZ1Mrsj5t8Wa58iR6__yDG3WI1Q==
• Quais são as maiores empresas farmacêuticas do Brasil e do mundo?. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAISdRInNTPYkHBc1ENbUUEeuHsGOS9aVdkFT289OTt9s3T9L7d_21umpDEheBjOQVsHVwWn2FKk1SEUNZbxUKkCPcJiBIFG3xmgxGAZKHRaPEm4rLLqmlviYDi-N_wnO2FggQu1Cn2RM7fC-RCTtFQ0jofoeanZ2x8LjWJIBw4Btu3I
• Qualifica. Legislação Sanitária para Indústria Farmacêutica: o que mudou?. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKkkWdCIXg3z4ctwDF2MvMZg_JF_6yH1MaKyZI6GdhxJWYRYKBSuYOm-WGxSWST1Psp5iLZv7X37SlELXRyGDPFNGOYZ1KgMaAme8mnleiyEIctsAGsb4P9hQ1fDANh0WVDgr_xNayG6EtFZWdwp9exWgF_IiWuKPkVIVqYdZg3E0ngYqUcpwuWP5Md
• Sebrae. Como montar uma distribuidora de medicamentos. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKeBpZYdXFy2M6K8Yw4QOU-3kS2FqUWGvYQjEB-2ZIopTJAAWil0XVjMUD7E71HPi6Z8AQkRdAVolmpPsT4BgU5L82UoLrhL55qI8RQufzMpvBmlN6i07TES3ACCSkkab1fs1awKM9_AtSc3NZAWuHsFEDQxK484O3LRCQ2a6LGrP9t04OJ7gARu0tuuZqcUl-jkrj77JtN1GvL-j7OQog-vbc_UAkNcbNUK0OdkRDFUDpte2N7zjnfxPKnvRc=
• Sotequi Vedações Industriais. Segmento farmaceutica. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKt7SandpxoK0S5tYvVjF3TcXNmOvo0ls0VGDc6RlcEDU4QSSmmGNMTxJx7M9tU_GyP6dymxwZz0Ga9WrmWNQIGg8gUUYpAhUZreQTH-g1JWXlAcIBfXcJ4Jnov0E9jKI6g8g==
• Sulmedic. Distribuição de Medicamentos Hospitalares. https://vertexaisearch.google.com/grounding-api-redirect/AWQVqALa-mtTu9ZY8V6n-87tWrt5JhpJDV0SBDCKphNSNSdCgoYMA4qkUfpXesA9o7nBAzs49RdrhTsevVf3T6Q2ccOXiG21ULJ_1YLZew8L0MMC
• Os Tipos de Empresas Farmacêuticas :: Gestão Farmacêutica. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKvcFHq21Ls0RtgnofCCBYa_SKSM6eqf_tOFzpDJ-C3CdPfDSZRVSDOqwxKQznJp_yCd61MWjoHwcl_Q0sRWDKkVepGpHkTD80MQRMtBFABeEQ4yysc0kxbu5l_YB6APKWPSb4jUdHB0TT9ESsUSTqLNRxKTjUTrPRU
• VEJA. 90% dos brasileiros dizem que produção nacional de remédios deve aumentar. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKFX7A5G6MJJTxDYG6-9n530mtZYiAJRnWPXkvhWFuPgQby1S-W35pg4ld5tPb3TfLx7uVazsnt6Ck0o5FJc4Ac3usRHUR0K4cWbEIUhyjA9igkRwW34jZDTFm_Ok5hsZc0uryiyawYQXKOX4ntXME0_mu82GHx-MmKZiqQ-Rp0XcsdaPI-xEcd3zSqBrp48NIBzKhkAef4aW3JuxcnWg==
• VEJA. Varejo farmacêutico cresce 11% e movimenta R$ 158,4 bi em 2024. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK9_96l4BPgvD9CwbNugxCIuz1QVJhf67tbK4Nwzk02qecdzNfxJvkJo8yxxMbYLKvgyfmNoIf16ThHVqruJCcOCFWIPUkf3Kz0fL9_iUm0u-lMa4VfDF4oNezCjEnM79vHNSLnjZjtPJPvbFYYw-jQ517bVz5MlgY96MXeHG9QV8psa-vIDG1Wc-LjuZwHIy74Z-fbBSQ1OHQi
• Vernalha Pereira. Novas regras da Anvisa e o seu impacto no registro de medicamentos para a indústria farmacêutica. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJhK-uN98bYJ-XhH7eb-JJZz_U-CC7BXj8la4seI-8MJSUyr0S5yEjS0_8IdDgPev_ObsYyv2vLydzivo9LrAqAxR8Q4CKfA-jXyPO5YsblAM8RjfUirBtNxbPeYDyae-PGd95kx5lziWSDSe587XnoeYOH243EkrfuAY3IFYZtms2OcLePx_IrfGrkhmS69CoMwx5r3NdIWAEkS2qLZs2Noqqbhkt9tmofKO2d0Yuu7KCXocni8yU