Brazilian Government to Invest Heavily in Plant-Based Therapies

Brazil's state development bank, the BNDES, has announced that it is to increase its investment in local drug producers and focus on biotechnology ventures. The bank currently has a portfolio of products valued at a total BRL600mn (US$229.71mn), but plans to increase financing for the local sector to BRL1bn (US$382.85mn) this year.

Although much of the funds are to be used to bolster mainstream drug manufacturers, officials claim the finance will target small companies that produce phytotherapeutic drugs, or therapies based on herbal medicines. Although these products may be considered appealing for export to Western markets, the potential represented by Brazil's considerable biodiversity may also have prompted the BNDES' decision. Brazil currently exports an estimated US$300mn worth of drugs annually, compared to imports of some US$2.4bn per year.