DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/jfc9xz/emerging_pharmaceu) has announced the addition of the "Emerging Pharmaceutical Market in Brazil - Regulatory Framework Forces MNCs to Partner with Local Players Resulting in Profit and Control Sharing" report to their offering.
Brazil Takes Control over its Pharma Market
Brazil has a population of around 190 million, representing a gigantic audience for the pharmaceutical industry. The country is beginning to build a reputation for its high-quality clinical trials and biodiversity, and consequently Brazil is attracting foreign pharma giants, yet also looks to support local companies.
Continuous support from the government is helping the Brazilian pharmaceutical market to grow at a compound annual growth rate (CAGR) of 9%, and to make its own mark on the global industry.
The National Health Surveillance Agency (ANVISA), under the patronage of the Ministry of Health, is the main regulatory authority in Brazil. According to ANVISA's RDC 59/00 regulation, foreign firms looking to export to Brazil must submit an inspection request through representatives or registered importers, in order to certify products. This represents a significant obstacle to smaller foreign drug makers wishing to enter the Brazilian market, and has led to partnering agreements between multinational pharmaceutical firms with local players in Brazil.
Pharmaceutical giants are also required to pay the local subsidiaries for product development and distribution, while the profits earned are shared between the two. This skillfully supports local companies, both financially and within the industry, as Brazilian pharmaceutical brands are given the opportunity to work alongside experienced players in the market.
Prominent examples of investments by global pharmaceutical players include Sanofi's acquisition of Medley Pharmaceuticals and GlaxoSmithKline's co-development deal with Oswaldo Cruz Foundation. Brazil demands that foreign corporations actively participate with local companies to create a multinational and co-operative market, in which Brazil's benefits are still appealing to foreign companies and the local economy is also supported.
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