Latam Retailers "ABIFINA Event: GLP 1 after the “pen boom” — patents, sa..."

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Latam Retailers "ABIFINA Event: GLP 1 after the “pen boom” — patents, sa..."

Global Research

20 May 2026ab

Latam Retailers Equities

Latin AmericaABIFINA Event: GLP 1 after the “pen boom” —

patents, safety, informal channels, and Retail

Brazil’s regulatory bottlenecks Vinicius Strano,AnalystCFA

vinicius.strano@ubs.com

+55-11-2767 6688

ABIFINA on GLP 1 in Brazil: the post boom playbook and the friction points Leonardo Olmos, CFA

Analyst

We hosted an event at UBS with Ana Cláudia Oliveira (ABIFINA), whose work focuses leonardo.olmos@ubs.com

on monitoring competition, tracking launches, and identifying what blocks +55-11-9658 7533

associates from bringing products to market—she used GLP 1 as an emblematic case.

Eduardo Resende

She walked through the GLP 1 arc (Ozempic > broader formats/uses > tirzepatide > a

Associate Analyst

wave of follow-ons), the role of patent strategy (including “inventing around” eduardo.resende@ubs.com

routes), and the practical frictions in Brazil: long-term pharmacovigilance, a rapidly +55-11-2767 6015

expanding informal market (Paraguay/contraband/manipulation), and regulatory

Isabella Lamas

throughput (Anvisa backlog, ICH harmonization). For the industry, her key messages

centered on (i) how indication/formulation expansion interacts with protection and isabella.lamas@ubs.com

competition, (ii) why enforcement is hard when prescribers are part of the channel, +55-11-2767 6836

and (iii) how limited local biomanufacturing capability keeps Brazil exposed to

Lucca Biasi

supply shocks. For stocks, the discussion naturally maps onto (a) local pharma

(capability to develop routes and navigate patents; biosimilars strategy), (b) drug lucca.biasi@ubs.com

retail (formal vs informal channel tension around GLP 1 and “wellness” demand), +55-11-2767 6173