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Conversation highlights:
- Eurofarma’s transformation in Argentina reflects a broader regional strategy shift, evolving from a manufacturing-led operation into a balanced three-pillar model combining commercial growth, contract manufacturing, and exports, while doubling production capacity since 2023.
- The company’s innovation model blends internal R&D, strategic partnerships, and co-development, positioning Argentina as a regional hub supported by strong scientific talent, infrastructure, and a collaborative “coopetition” approach.
- Argentina stands out as a compelling investment case within Latin America, driven by local manufacturing strength, a highly skilled workforce, and renewed optimism around economic stabilization and international partnerships.
- Sustainability and inclusion are embedded in Eurofarma’s local operations, with full renewable energy transition, advanced environmental programs, and industry-leading diversity initiatives recognized at the national level.
- AI is being actively integrated as a long-term capability, with a focus on workforce enablement and practical use cases, reflecting a view that technology will reshape roles and productivity rather than replace jobs.
EF: Argentina combines strong manufacturing capabilities with growing export potential. How is the country and the region contributing to Eurofarma’s broader internationalization strategy?
PA: Today, Argentina operates under a more balanced and resilient model, structured around three key pillars. The first is our commercial business, which includes both our own portfolio and licensing agreements. The second is contract manufacturing, where we partner with leading multinational and local companies. The third is exports, primarily driven by intercompany supply to other Eurofarma affiliates across Latin America. This evolution has been critical in building a more sustainable business, particularly in the context of Argentina’s macroeconomic volatility.
Uruguay is characterized by its political stability, solid institutional framework, and favorable investment climate, which support the development of well-established distribution capabilities.
Paraguay is a growing market, supported by increasing levels of foreign direct investment, where we maintain a relevant and expanding presence.
Across these markets, Eurofarma has built its position through a combination of organic growth and acquisitions, resulting in different levels of portfolio maturity and market development. This diversity is managed with a focus on strengthening performance and ensuring sustainable growth across the region.
Looking ahead, our priority is to continue strengthening the commercial pillar and gaining market share locally, while also increasing our contribution to Eurofarma’s growth across the region. To support this, we have defined four strategic therapeutic areas: gastroenterology, cardio-metabolic diseases, and the central nervous system, along with a specialty segment that includes fertility, oncology, and other complex therapies. Across these areas, we are actively launching new treatments, securing licensing agreements, and developing new molecules to further expand and strengthen our portfolio.
As leaders in the Latin American pharmaceutical market, we maintain a 4.7% share in prescription medicines and hold second place in generics, with an 11% market share. In Brazil, our main market, we rank first in prescription drugs and second in generics, reaching net revenues of BRL 9.4 billion. In this context, international operations—where Argentina plays a strategic role—generated BRL 3.1 billion, representing approximately 25% of consolidated revenues in 2025 and reinforcing the importance of continuing to expand and strengthen our presence beyond Brazil.
EF: As Argentina positions itself as an emerging biotech hub, how is Eurofarma building capabilities to move further into innovation and R&D?
PA: Having spent 18 years in large multinational companies, I have seen firsthand how critical innovation is to both improving patient outcomes and sustaining long-term business growth
At Eurofarma, we approach innovation from multiple angles. First, we rely on our internal capabilities. In Buenos Aires, we have a development area, while our main R&D center is based in São Paulo. Innovation remains one of the central pillars of our strategic planning. In 2025, investments in this area totaled BRL 712 million, and our pipeline expanded to include more than 350 projects led by 770 scientists and professionals dedicated to new product development.
At our R&D center, we focus on both new compounds and incremental innovation, such as combining molecules or developing new delivery systems and pharmaceutical forms that create differentiation in the market. Second, innovation is also accessed externally through acquisitions or licensing. Eurofarma is very active in this space, building long-term partnerships with other companies to strengthen and expand its portfolio. The third approach is co-development. We are doing this in Argentina, leveraging the strong capabilities we have locally, including highly qualified talent and ongoing investment in infrastructure and equipment.
Argentina can serve as a platform to support the entire Latin American region. Given Eurofarma’s scale and presence, we are in a strong position to act as a regional partner of choice for companies looking to expand and grow across Latin America.
EF: Why is a dollar invested in Argentina today better invested here than anywhere else?
PA: From an industry standpoint, it is also important to highlight that Argentina has a strong manufacturing base. Historically, the sector has had a negative trade balance, but that is not the case for Eurofarma. We export more than we import, and this is increasingly true for several local manufacturing players.
The country has the capabilities, infrastructure, and technical expertise to support this shift. In our case, we have continued to invest in expanding that capacity. Over the past six months, we have incorporated five new manufacturing equipments to increase both efficiency and production volume.
If I had to summarize Argentina’s value proposition, it comes down to three elements. Talent, industrial capability, and a strong willingness to build long-term, trustworthy partnerships.
In addition, around two-thirds of pharmaceutical consumption in Argentina is locally manufactured. That makes the domestic industry a key pillar of the healthcare system. For that reason, one of my first decisions was to actively engage with the local Pharma chamber (CILFA). Since we operate both as a manufacturer and as a commercialization company focused on innovation and quality, I believe it is essential to be part of that broader ecosystem.
EF: How does Eurofarma’s sustainability strategy translate into tangible value and differentiation in a market like Argentina?
PA: Our Buenos Aires operations already source a significant portion of their energy from renewable sources. As a result of this strategy, we achieved a 58% reduction in energy-related emissions in 2025, while simultaneously offsetting 13% of our direct carbon footprint.
In parallel, we continue to advance initiatives focused on recycling, composting, and water efficiency, further strengthening our environmental management practices. In the field of sustainability, the company invested BRL 156.6 million in 2025 under a strategy that integrates environmental, social, and governance (ESG) pillars. These resources supported the expansion of initiatives in education, health, humanitarian aid, sports, and environmental programs, benefiting individuals and communities across several Latin American countries.
EF: From a leadership perspective, how are you approaching AI internally, and how can it be leveraged as a driver of growth rather than just efficiency?
PA: AI is not a temporary trend. It is something that is already reshaping how we operate, think, and make decisions, and it is here to stay.
I often compare it to the early days of the internet. At that time, there was uncertainty about whether it would truly transform everything or fade away. Today, it is impossible to imagine running a business without it. AI will follow a very similar path. You might be able to step away from it today, but in a few years, that will no longer be an option.
Internally, we are focusing on adoption and understanding. We have implemented training programs, workshops, and even internal challenges to help our teams explore how AI can support their day-to-day work. The key is to move from theory to practical use and demonstrate real value.
I see AI as a tool that will redefine how work is distributed. It becomes a companion that enhances decision-making and productivity.
EF: Looking ahead, how do you see Eurofarma and Argentina positioning themselves within the global healthcare landscape toward 2027 and beyond?
PA: Eurofarma has a clear long-term ambition to become a top global pharmaceutical player. Today, we operate across 24 countries in Latin America, have a presence in Africa, and are expanding into the United States. Internationalization is one of our core strategic pillars, and that footprint will continue to grow.
At the same time, our connection to innovation is becoming increasingly central. With the launch of our innovation platform EURON, we are building multiple pathways to engage with new ideas, from venture initiatives to internal innovation programs and external collaborations.
We are also actively incorporating innovation through acquisitions, including startups across different therapeutic areas. This allows us to continuously strengthen and diversify our portfolio. Looking forward, I see three key elements shaping our global positioning. Continued geographic expansion, deeper integration of innovation, and the strength of our manufacturing and portfolio capabilities across multiple therapeutic areas.
EF: Any final message for our global audience about Eurofarma's role in the pharmaceutical sector?
PA: The results and progress achieved across multiple fronts reflect the commitment of more than 13,000 employees across 24 countries. This highly qualified and engaged workforce has once again recognized Eurofarma as the best pharmaceutical company to work for in Latin America for the fourth consecutive year, according to the Great Place to Work (GPTW®) ranking. The strength of our corporate culture — the Eurofarma Way — is further reflected in employee pride levels, which remain close to 90%.
In the area of governance, we continued to strengthen our international operations by enhancing coordination, promoting efficiency gains through synergies, and fostering greater autonomy supported by a robust matrix structure. We also reinforced our international corporate team through the relocation of experienced executives to key areas, building a strong leadership group focused on the next phase of growth, innovation, and cultural development.
We remain firmly committed to inclusion and diversity. In 2025, we exceeded our hiring targets for Black and mixed-race individuals, as well as for women in external hires across supply, logistics, industrial operations, and the sales force. We also increased the representation of people with disabilities and surpassed internal targets for the promotion of women into leadership roles in both manufacturing and commercial areas. This commitment is reflected at the leadership level, with women holding 62% of C-level positions and 66% of roles within the Innovation area.
Eurofarma positions itself as a strategic partner in the region, supported by its manufacturing capabilities, broad geographic presence, and active engagement with the healthcare ecosystem. The company operates in alignment with the regulatory and ethical frameworks of each country, maintaining a responsible and consistent approach across all its markets.
I would position Eurofarma as a strategic partner for the region. This is driven by our manufacturing capabilities, our broad geographic presence, and the way we engage with the healthcare ecosystem. How we interact with healthcare professionals, authorities, and partners matters. We are committed to doing business responsibly and in alignment with each country’s regulatory and ethical frameworks. I strongly believe that companies need to reflect the societies they operate in. Diversity of perspectives, backgrounds, and experiences makes organizations more effective and more relevant. That is something we actively promote, and it is an essential part of building a sustainable and successful business.
