Pharmaceutical Sector in Brazil Poised for 10% Growth in the Coming Years

Amid an atmosphere of optimism surrounding the economic landscape and healthcare performance, the sales of the pharmaceutical industry in Brazil are projected to grow by 9.8% this year and 9.7% next year. These are some of the key takeaways from the "Expectations Forum 2024," hosted by Sindusfarma on Thursday (29).

The pharmaceutical market is witnessing a robust expansion, with a notable increase in retail sales volume. Sydney Clark, Vice President of consulting firm IQVIA, highlights that the market will be driven by a recovery in new product launches and the adoption of innovative technologies in the years ahead.

Of particular note is the significant growth of online medicine sales, which already account for 11% of retail transactions. Clark also underscores the digital transformation challenge in pharmaceutical marketing, considering the projection that the number of physicians in the country will surge from the current 560,000 to one million in 12 years. Finding ways to engage and adapt to the country's demographic changes is crucial, according to Clark.

The "Benchmarking Pharmaceutical Industry Expectations 2023-2024" survey, conducted annually by Sindusfarma, recorded a record number of participants and revealed the industry's optimism regarding economic growth (62%), employment recovery (64%), increased government procurement (64%), access to the private market (62%), and regulatory environment (71%).

Companies surveyed anticipate growth of 9.7% in retail and 8.8% in the non-retail market this year. The estimated growth for next year is 9.2% and 8.6%, respectively, as reported by Fábio Moreira, a consultant associated with the organization.