How the global shift in health innovation redefines the role of industrial policies and exposes the backwardness of Brazil's strategy The pharmaceutical industry is experiencing a historic shift. The model that, for half a century, concentrated drug discovery in large, integrated corporations is fragmenting. Vertical integration, a symbol of strength in the 20th century, has given way to a decentralized network of small biotechs , academic laboratories, and deep tech startup

The modernization of Brazil’s foreign exchange framework, introduced by Law No. 14,286/2021 , has been presented as a regulatory advancement. However, behind the discourse of simplification and international alignment lies a serious risk: the deepening of Brazil’s technological dependence on core economies. Rather than strengthening national economic sovereignty, the new law further opens the door to the outflow of foreign currency and the unrestricted transfer of knowledge a