H&E Major Pulse "RDOR/HAPV/SAUD/FLRY: GLP-1 vs. complex procedures debat..."

研报英文原文证据摘录

H&E Major Pulse "RDOR/HAPV/SAUD/FLRY: GLP-1 vs. complex procedures debat..."

Global Research

20 May 2026ab

H&E Major Pulse Equities

Latin AmericaRDOR/HAPV/SAUD/FLRY: GLP-1 vs. complex

procedures debates in the sector; RDOR: AI as Healthcare

key opportunity for hospitals Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Healthcare Associate Analyst

RDOR/HAPV/SAUD/FLRY: GLP-1 usage skyrockets in US while bariatric surgeries eduardo.resende@ubs.com

decline - topic to monitor in BZ +55-11-2767 6015

A recent sector study in the US shows that GLP-1 usage increased by 140% between

2022 and 2024, while metabolic and bariatric surgery (MBS) utilization declined

significantly, with an overall 34% reduction over the same period. The number of

patients undergoing MBS fell by 14% between 2022 and 2023, with the decline

accelerating in 2024, posting a further 23% YoY decrease.

UBS's view: A topic to monitor for both payors (HAPV/SulA/SAUD) and providers

(RDOR/FLRY). Overall, with patent expirations for key GLP-1 therapies, discussions

around potential incorporation into SUS/ANS coverage frameworks could re-

emerge, supported by a more favourable pricing dynamic, which could make these

treatments more viable relative to more complex procedures in place such as

bariatric surgery. We note that semaglutide products previously faced incorporation

denials at SUS due to high costs while under patent protection, an obstacle that

could be mitigated with patent expiration. That said, believe these discussions may

still evolve further, given still ongoing uncertainties around pricing, eligibility

criteria, clinical guidelines etc.

RDOR: Still timid AI adoption among hospitals; relevant opportunity in our view