PhRMA Invests $706m In Brazil

Foreign pharmaceutical firms plan to invest $706 million in Brazil following Brazil's initiation in May of legislation relating to brand names and patents, according to the Pharmaceutical Research and Manufacturers of America. PhRMA and the Clinton administration can now concentrate on the Argentine legislation, due to be implemented in the year 2000, as Brazil is no longer a concern under the new law, although it will still be closely watched.

In Argentina, PhRMA claims that it "loses" in the region of $600 million every year, a result of the pirating of American drugs. According to PhRMA, both Argentina and Brazil are essential in determining Latin American patent laws, and Brazil's legislation, which attracts investment and incites research, is thought set a precedent for the continent.

For its part, Argentina has passed legislation, but this does not come into operation until 2000. It has been listed as a country requiring priority attention, and following PhRMA's next review, could come in for additional sanctions.