U.S. Companies Explore Opportunities in the Brazilian Healthcare SectorSeptember 28, 2016
Ken Hyatt is the Acting Under Secretary for the International Trade Administration
Brazil has always represented a major part of my policy portfolio at the Department of Commerce. I am now particularly honored to be here to participate in the Department of Commerce’s third annual Health IT Trade Mission.
Eight innovative U.S. health IT companies (including UnitedHealth, 3M, and Oracle), as well as Keck School of Medicine of USC, are participating in this trade mission, which runs from September 26 to 30. They are learning firsthand about opportunities in the Brazilian healthcare sector, while showcasing innovative technologies with Brazilian government policymakers, regulators, and hospital CEO’s and CIO’s, as well as other industry leaders.
The major focus of this trade mission was the Hospital Innovation Show, the preeminent health technology innovation show in Latin America. The show provided an opportunity to share the most advanced health technology solutions and practices, including value-based care, precision medicine, population health management, patient engagement, health data interoperability, analytics, and mobile health. I had the honor of both delivering the keynote address as well as participating in the signature symposium, “Building a 21st Century Healthcare System.”
The trade mission also provided an opportunity to understand and explain why the U.S. and Brazil should deepen its healthcare partnership. One reason is the incredible opportunities in the global healthcare market, driven by the fact that the global middle class will more than double by 2030, which will increase demand for quality healthcare products and services. Another reason is our shared healthcare challenges. Both the U.S. and Brazil will have to contend with a future defined by higher healthcare costs, while dependency ratios will continue to rise in both countries as our populations live longer.
We also have to take on complex global health challenges, namely the Zika virus as the most pressing challenge. Over the past year, the U.S. and Brazil have held high-level discussions to cooperate on the fight against Zika, and recently the U.S. Government announced it would contribute US$3 million to expand Brazil’s vaccine production capability.
All of this means that our public sectors need to create the environment where our health innovator communities can continue to exchange ideas and collaborate; where participants in our integrated supply chains can continue to work effectively and efficiently; and where our healthcare goods and services can continue flow freely in both directions. Because of the work we have achieved under the U.S.-Brazil Commercial Dialogue, we have already taken steps to create that environment.
The United States is committed to a strong and dynamic relationship with Brazil, and I believe we can continue to strengthen this relationship through greater trade and investment. I would encourage all companies that are interested in doing business in Brazil to reach out to the U.S. Commercial Service in Brazil to find out how they can help you capitalize on commercial opportunities in the healthcare space in market. You can find out more information here.