The Financial Espresso: MELI in pharma in Chile, XP, B3’s real stablecoin, PicPay & Kovr, Rural, Kalshi, Midway

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The Financial Espresso: MELI in pharma in Chile, XP, B3’s real stablecoin, PicPay & Kovr, Rural, Kalshi, Midway

Global Research

24 July 2026ab

The Financial Espresso Equities

Latin AmericaMELI in pharma in Chile, XP, B3’s real

stablecoin, PicPay & Kovr, Rural, Kalshi, Financial

Midway KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

Mercado Libre proposes operating its own pharmacy in Chile Thiago Batista, CFA

Analyst

According to CNN Brasil, Mercado Libre has discussed a proposal with Chilean thiago.batista@ubs.com

authorities to operate as a pharmacy in the country, a plan that will require changes +55-11-3513 6518

to local regulations, according to records of meetings held between the parties in

Camila Azevedo

recent months. The plan expands the company's operations in Chile, where, as well

Associate Analyst

as in Argentina, Mexico and other markets, MELI sells medicines only from third- camila.azevedo@ubs.com

party sellers. After hearing the company, the Chilean Ministry of Health +55-11-2767 6881

recommended that it seeks a technical evaluation from the local regulator, ISP

Bruno Kenji

(Institute of Public Health), since the proposal requires regulatory changes or

reinterpretations of current regulation. MELI started a pilot project in São Paulo in bruno.kenji@ubs.com

March, selling products that do not require a medical prescription, and promising +55-11-2767 6056

delivery in an average time of up to three hours. Our take: We note that the

Beatriz Shinye

proposal is aligned with Mercado Libre’s efforts to expand its product offering and

its own retail operations. The pharmacy category may support purchase frequency, beatriz.shinye@ubs.com

although the project in Chile remains subject to regulatory changes and the +55-11-2767 6569