The industry research company IMS Research revealed that Brazil is likely to secure a large part of the pharmaceutical market worldwide. The country is, among with seven other emerging pharmaceutical markets (Russia, India, Turkey, South Korea, Mexico and China), likely to share a quarter of the global pharmaceutical industry in coming years, as reported by Outsourcing-Pharma.

In revenue terms, Brazilian pharmaceutical industry ranks tenth in the world and second largest in Latin America, with a total revenue worth $5.2 Billion, and nearly 47,000 employees. Also, with around 7,200 hospitals with 280,000 doctors, 12,000 diagnostics clinics and 500,000 beds, Brazil’s health industry displays the perfect combination of public as well as private services.

Furthermore, the growing economy and the policies of the Brazilian government for foreign players are significant reasons behind the booming pharmaceutical sector. About 20% of foreign companies are functioning in Brazil, with many more approaching the market. Furthering growth of the industry, this development leads to improvement in infrastructure as well as increased quality of medicines.

Also, cost savings and easy access to the 180 million patient population proves very effective growth drivers for international players in the market. In addition to this, availability of highly qualified staff and well-equipped facilities in the country’s hospitals is leading to the growth of the clinical research business in the country.

However, apart from the strong growth, scarcity of sufficient domestic production of drugs, and the extremely high tax rate on drugs are identified as the biggest threats for the growing Brazilian pharma sector.To maintain the growth and quality of drugs, the Brazilian government should cut down taxes on drugs, which at 30% are one of the highest in the world.

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