Brazil Invests $10 Billion To Boost Domestic Health Production And Slash Imports

(MENAFN- The Rio Times) In a significant move to bolster its health sector, the Brazilian government, alongside industry leaders, has committed R$57.4 billion ($10.44 billion).

Additionally, this investment aims to increase domestic production of health products and pharmaceuticals.

Announced in Brazil, this investment aims to cut down on import dependency and strengthen national healthcare services. Currently, domestic production meets only 45% of Brazil's health product needs.

The goal is to boost this figure to 70% within the next nine years. This strategic initiative will begin with an immediate target of reaching 50% by 2026.

The government's portion of the investment totals R$ 16.4 billion ($2.98 billion), supplemented by R$ 39.5 billion ($7.18 billion) from private entities.



These funds will expand manufacturing facilities and enhance vaccine and biopharmaceutical production, enabling the production of 120 million vials annually.

However, this financial influx is part of a broader policy titled "New Industry Brazil." It seeks to stimulate the economy through strategic investments across various sectors, totaling R$342.7 billion ($62.31 billion).

By reducing the reliance on imported health products, the initiative not only aims to secure Brazil's health sovereignty but also to address the trade deficit, which currently stands at US$ 14.6 billion.

The move is expected to yield multiple benefits, including job creation, increased export capabilities, and the strengthening of local industries. These outcomes are crucial for Brazil's economic and health security.

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