Building Global Power: A National Strategy for Deeptech Health Startups in Brazil
- Alma Mater Cosméticos
- Jun 6
- 33 min read
The emergence of cutting-edge technologies, known as deeptechs, marks a new phase in global innovation. These technologies, which emerge from scientific research and disruptive technological advances, require extensive Research and Development (R&D) cycles and substantial investments. However, they promise to revolutionize entire sectors and offer solutions to humanity’s most complex challenges.
Brazil, with its vast scientific capacity and unique natural resources, is in a strategic position to establish itself as a global power in this scenario. The current global context is marked by an unprecedented impetus in investment in deeptechs.
In the first quarter of 2025, global venture capital investment reached US$126.3 billion across 7,551 deals, driven significantly by megadeals in areas such as Artificial Intelligence (AI), Biotechnology and emerging industrial technologies. This global movement highlights the strategic importance and growing dynamism of deeptech.
These companies are characterized by being startups based on substantial scientific and technological advances, developing innovative solutions to complex problems. They require long R&D cycles, high levels of investment and maintain an intrinsic connection with universities, research centers and institutional structures supporting science.
Deeptechs are recognized as catalysts for structural transformation in vital sectors, including health, energy, agribusiness and advanced manufacturing. For Brazil, deeptech innovation is crucial to ensuring technological sovereignty and national competitiveness. These technologies have the potential to catalyze profound changes, establish new industries and disrupt existing ones, contributing to solving humanity’s greatest challenges.
The country has unique assets that position it to lead global scientific innovations. These include a robust academic ecosystem and unparalleled biodiversity, which provide fertile ground for the development of deeptech solutions.
The focus on the health sector emerges as a particularly promising vector for transformation and leadership. The human and pharmaceutical health sector already represents one of the largest concentrations of deeptechs in Brazil, with 243 companies mapped. This indicates a natural vocation and a consolidated base of operations for the country.
Deeptechs, by integrating technologies such as Artificial Intelligence, biotechnology, nanotechnology, robotics and quantum computing, are revolutionizing the health sector in Brazil, with notable impacts on the prevention, diagnosis and treatment of diseases. The emphasis is progressively shifting from treating disease to promoting health, a field with vast potential for disruptive innovations.
It is crucial to observe the confluence between global momentum and Brazil’s domestic opportunities in deeptech. The significant increase in global investments in deeptech signals a strategic window of opportunity that Brazil cannot ignore. At the same time, the country has inherent advantages, such as a solid scientific base and unique biodiversity.
The existing concentration of deeptechs in the health sector suggests a natural affinity for strategic direction. This is not merely about keeping up with other countries, but about leveraging existing, albeit underdeveloped, advantages within a sector that is at the forefront of global trends. The combination of global dynamism and Brazil’s specific assets offers a unique opportunity for the country to not only participate, but potentially take the lead in specific domains of deeptech, with a particular focus on health.
A national strategy must therefore capitalize on this convergence, directing resources to areas where Brazil has a comparative advantage, such as health, given its potential strength in biotechnology and biodiversity.
Current Panorama of the Deeptech Ecosystem in Health in Brazil
The Brazilian deeptech ecosystem, although still in an early stage of maturity, is showing promising growth, particularly in the health sector. Available data reveals a scenario of expansion, but also underscores the challenges inherent to the high-risk and long-term nature of these technologies.
Brazil currently has 875 mapped deeptech startups. In 2024, the country registered BRL 1.5 billion in investments in these companies, representing a 20% growth compared to 2023. However, it is important to contextualize this volume with the global scenario: global investment in venture capital for deeptechs in the first quarter of 2025 reached US$126.3 billion.
This disparity in scale points to the need for a significantly larger volume of capital in Brazil for the ecosystem to compete on a global level. The areas with the highest concentration of deeptechs in the country are human health and pharmaceuticals, with 243 companies, followed by agribusiness and animal health, with 202 companies.

Despite the significant number of startups and the growth in investment, only 30% of these companies have reached the commercialization and scale phases, with the majority still operating in the technical, scientific or product validation stages. This indicates a significant “valley of death” between scientific validation and market entry.
Specifically regarding healthtechs, the number of investment rounds in Brazil has remained stable, but the amounts invested have decreased annually since the pandemic. In 2023, BRL 993 million was invested in Brazilian healthtechs, a 13% drop compared to BRL 1.142 billion in 2022. This downward trend is expected to continue in 2024, with BRL 299 million invested by July.
The average investment ticket in 2023 was BRL 3.9 million for pre-Series A rounds, BRL 19.4 million for Series A and BRL 160 million for Series B and later. Biotechs, in turn, receive only 4.8% of total venture capital investment in Brazil, a considerably lower percentage than in Chile (20%) and Argentina (7.5%).
Brazil has over 350 active biotechnology startups, which ranks it as the 9th largest global ecosystem and leader in Latin America, accounting for 60% of the region's biotechnology companies. Of these, 90 are specifically health biotechnology startups, with 64% of them located in the Southeast region.
More than half of these startups (58%) focus on therapeutics and diagnostics, an area that requires substantial investment in R&D, laboratory infrastructure and regulatory support. Brazilian startups have already demonstrated the efficient application of deeptech in several areas of health. IONIC Health , for example, has developed a system that allows remote operation of imaging equipment, facilitating access to high-quality exams in regions lacking specialists.
In personalized medicine, Munai integrates clinical data with AI to help doctors prescribe customized treatments. For the analysis of laboratory tests, Huna uses AI to speed up and improve the accuracy of reports. A notable success story was the application of mixed reality in a tumor removal surgery at Hospital Sírio-Libanês , demonstrating the potential of advanced technologies for minimally invasive and highly accurate procedures.
The maturity of the ecosystem and its geographic concentration are crucial aspects. Around 55% of deeptech startups are located in the state of São Paulo. This concentration is driven by the presence of renowned academic institutions such as USP , UNICAMP and ITA , as well as by funding programs such as PIPE-FAPESP .
While this concentration creates a powerful local hub, fostering collaboration and knowledge exchange, it also implies a lack of deeptech development in other regions of the country, potentially neglecting unique regional assets such as other biomes for biodiversity-driven deeptech.
The high proportion of startups still in the early stages of development (only 30% in commercialization and scale) indicates that the ecosystem is still in an early stage of development.

Despite the large number of nascent projects, a significant barrier prevents most Brazilian deeptechs from reaching maturity. Only a small fraction manage to transform scientific potential into commercial success. This gap highlights the critical need for “patient capital” and a more robust support ecosystem for the scaling phases, which goes beyond initial funding and scientific validation.
An analysis of the current scenario reveals a critical issue: the “valley of death at the early stage” for Brazilian deeptechs. Although Brazil has a considerable number of deeptech startups and a growth in investment, the low percentage of companies that reach commercialization is a worrying indicator. This suggests that there is a significant bottleneck between scientific validation and effective market entry.
The decline in investment in healthtechs worsens this situation, as early-stage companies, which represent the majority, face difficulties in securing the financing necessary for scaling. The low participation of venture capital in biotechs points to a systemic issue where private capital is not sufficiently patient or specialized for the long R&D cycles of deeptechs.
Future strategies must therefore address the specific challenges of financing and scaling early-stage deeptechs, going beyond initial validation to supporting commercialization. This implies the need for more patient capital mechanisms and tailored acceleration programs. Another important observation is that geographic concentration acts as a double-edged sword.
The high concentration of deeptechs in São Paulo is undoubtedly a result of the strength of its academic institutions and the available funding. This creates an environment conducive to innovation, with proximity facilitating collaboration and the exchange of ideas. However, this concentration also indicates that other regions of Brazil, which have unique assets – such as the vast biodiversity of the Amazon – are under-exploited in deeptech development.
The “decentralization of applied science” is a stated goal for public policy, demonstrating recognition of this imbalance. While São Paulo should continue to be an innovation hub, a national strategy needs to consider how to stimulate deeptech ecosystems in other regions, perhaps leveraging local universities and unique resources such as Amazonian biodiversity.
Table 1 provides a concise, data-driven overview of the current landscape, highlighting Brazil’s strengths (number of startups, growth) and weaknesses (disparity in investment volume, early-stage maturity, regional concentration). This quantitative overview sets the stage for the subsequent qualitative analysis of challenges and opportunities, providing context and credibility to the discussion.
Table 1: Current Scenario of Deeptechs in Health in Brazil (2024)
Feature | Data |
Total Deeptech Startups in Brazil | 875 |
Total Volume of Investment in Deeptech in Brazil (2024) | BRL 1.5 billion (20% growth vs. 2023) |
Global VC Investment Volume in Deeptech (Q1 2025) | US$ 126.3 billion |
Number of Deeptechs in Human Health and Pharmaceuticals | 243 |
Total Number of Biotechnology Startups in Brazil | >350 (9th globally, 60% in LATAM) |
90 | |
Geographic Concentration (% in São Paulo) | 55% of deeptechs |
Maturity Stage (% in commercialization vs. R&D) | Only 30% in commercialization and scale |
Volume of Investment in Healthtechs (2023) | BRL 993 million (13% drop vs. 2022) |
Challenges and Opportunities for the Development of Deeptechs in Brazil
The path for Brazil to consolidate itself as a deeptech powerhouse is marked by structural and cultural challenges, but also by intrinsic opportunities that, if explored effectively, can propel the country to a prominent global position.
One of the main difficulties lies in the cultural and management barriers present in the academic environment. There is a perception that entrepreneurship is not widely disseminated in universities. Many researchers tend to follow strictly academic careers, which creates a disconnect between the production of scientific knowledge and its effective conversion into market value.
This reality is manifested in the significant lack of knowledge about business management, fundraising, cash flow and business routines among researchers themselves, even those who demonstrate an interest in entrepreneurship. Resistance to this entrepreneurial culture is exemplified by a (common) reaction to a researcher who founded a startup, with a colleague expressing "what a shame" that she decided to become an entrepreneur.
Changes in the academic environment to foster entrepreneurship are relatively recent, dating back to the last five years. This situation points to a “paradox of scientific abundance and scarcity of commercialization.” Brazil is recognized as a scientific powerhouse, with high rankings in publications and a significant number of researchers. However, this scientific production does not translate proportionally into commercialized deeptech ventures, with only 30% of startups reaching this stage.
The issue is not scientific capacity, but the mechanism for converting knowledge generated in laboratories into the market. To overcome this, a national strategy should focus on fostering an entrepreneurial mindset in universities, offering robust business training to researchers, and creating clear pathways and incentives for technology transfer and the creation of spin-offs.
Access to patient capital and investment volume pose another critical challenge. Deeptechs require “patient capital” because it takes 25% to 40% longer to get a return on investment than traditional startups. While they have an attractive average Internal Rate of Return (IRR) of 26% (compared to 21% for traditional startups), private investors struggle with longer return times.
There is a pressing need for greater investment from the public and private sectors in science and research, especially considering that public investment in science and technology has regressed significantly, from BRL 10 billion in 2010 to BRL 1.4 billion in 2018.
The reliance on public investment is notable, with 70% of deeptech startups that raised more than BRL 5 million doing so through public institutions such as FAPESP , Finep , Embrapii and Sebrae . Deeptechs are not the first choice for venture capital funds, with the vast majority (84.5%) of venture capital investments in Brazil in 2023 directed to digital and financial businesses.
Furthermore, the volume of funding is often insufficient for the needs of deeptechs. High uncertainty and risk are inherent, as deeptechs operate at the frontier of knowledge, with unpredictability regarding scientific advances and product materialization.

This situation reveals the “double-edged public sector” in deeptech funding. Public funding agencies are crucial, but the volume of this funding is often insufficient for the capital-intensive nature of deeptech, and overall public investment in S&T has regressed. This creates dependency without fully addressing the needs for scaling.
Public finance needs to increase in volume and predictability, and explicitly target project de-risking to attract more private capital, rather than being the sole primary source. It should act as a catalyst, not a substitute, for private investment.
Regulatory complexity and infrastructure challenges also pose significant obstacles. Deeptechs face complex regulatory frameworks and logistical challenges to validate at scale. The lack of digitalization and interoperability in hospital systems hinders the flow of information and the efficiency of AI solutions.
Regulatory bureaucracy complicates the rapid approval of new technologies. The high cost of setting up laboratories, which ranges from BRL 5 million to BRL 20 million, and the scarcity of accessible shared research spaces are substantial barriers. Bureaucracy in patent registration is also an obstacle. Historically, the Brazilian regulatory framework for access to genetic resources has created a rigid and complex system of prior control, generating legal uncertainty and reducing investment.
Despite the challenges, Brazil has a robust scientific potential and a unique biodiversity, which represent great opportunities. The country is 13th in the world in the production of scientific articles (2018) and the first in open access publications. This strong scientific production base offers fertile ground for the development of deeptechs, as long as it is effectively converted into market value.
Brazil is the most biodiverse country in the world , with 15% to 20% of global biodiversity, with 700 new species catalogued annually. This represents immense potential for new drugs and bioproducts. The country is home to 77% of Latin American researchers, ranks 5th globally in publications on biological and agricultural sciences, holds 58% of patents and conducts 47% of research in the region.
The push for innovation hubs and corporate partnerships is another point of opportunity. The deeptech market in Brazil is being driven by innovation hubs and venture capital firms specializing in advanced solutions. The potential of science and deeptech startups has been clearly demonstrated during crises such as the COVID-19 pandemic.
The disruptive potential of deeptech attracts large technology companies interested in open innovation partnerships. Eretz.bio ’s programs support researchers in transforming research and inventions into practical, market-ready solutions, offering access to Einstein experts, advanced laboratories and strategic guidance, and engages large companies/hospitals in R&D partnerships.
Biodiversity represents an “untapped goldmine” of regulatory friction. Brazil’s unparalleled biodiversity offers a colossal opportunity for deeptech, especially in health, drug discovery and bioproducts. However, historical regulatory complexity and legal uncertainty have stifled its exploration and commercialization, resulting in 92% of Atlantic Forest flora patents being filed abroad.
This suggests a significant loss of value and intellectual property. The new legal framework (Law No. 13,123 of May 20, 2015) sought to address this issue, which indicates a recognition of the problem. The national strategy should therefore focus on the necessary improvements to biodiversity management, ensuring that Law 13,123/2015 truly simplifies access and encourages local R&D and commercialization, and actively promoting bioprospecting initiatives linked to health applications.
Table 2 presents a SWOT analysis, providing a structured, high-level view of the internal and external factors influencing the deeptech ecosystem in Brazil. This helps stakeholders quickly understand the complex interplay of forces and identify strategic areas for intervention.
Table 2: SWOT Matrix of the Deeptech Ecosystem in Health in Brazil
Forces | Weaknesses |
Strong Scientific Production: 13th globally in scientific articles, 5th in biological/agricultural sciences, 77% of researchers from LATAM. | Cultural Barrier in Academia: Entrepreneurship not widespread, researchers opt for academic career, lack of management knowledge. |
Unique Biodiversity: Largest in the world (15-20% global), immense potential for pharmaceuticals and bioproducts. | Insufficient Patient Capital: 25-40% longer return, low VC participation (4.8% in biotechs), insufficient public funding volume. |
Growing Public Support: Agencies such as FAPESP, Finep, Embrapii, Sebrae provide crucial funding (70% of significant investments). | Regulatory Complexity and Bureaucracy: Complex frameworks, slow approval of technologies, patent bureaucracy, rigid system of access to genetic resources. |
Emerging Innovation Hubs: Eretz.bio , IPT Open, State drive the market, with concentration in São Paulo. | High R&D Infrastructure Costs: BRL 5-20 million for laboratories, shortage of shared spaces. |
Demonstrated Potential in Crises: Responses to national challenges, such as the COVID-19 pandemic. | Talent Gap: Fewer researchers per capita than developed countries, difficulty in hiring specialized professionals. |
Opportunities | Threats |
Global Deeptech Investment Growth: $126.3B Increase in Q1 2025. | Ongoing Brain Drain: Talents moving abroad in search of better conditions and infrastructure. |
Interest in Corporate Open Innovation: Large technology companies seek partnerships. | Persistent Private Funding Gap: VC Funds Prioritize Digital/Financial Sectors, Leaving Deeptechs Undercapitalized. |
New Generation of Entrepreneurial Researchers: Although incipient, there is a growing movement towards academic entrepreneurship. | Global Competition: Other countries accelerating faster in the development and commercialization of deeptechs. |
Regulatory Simplification of Biodiversity: New legal framework (Law No. 13,123, of May 20, 2015) aims to facilitate access and benefit sharing. | Regulatory Uncertainty: Lack of clarity can discourage long-term investments. |
Government Procurement as a Market Driver: Potential for the government to be the first customer, validating and driving deeptech solutions. | Economic Volatility: Fluctuations in the economy can impact financing and investment capacity. |
Key Players and Their Contributions to the Deeptech Ecosystem in Health
The deeptech ecosystem in health in Brazil is a complex and multifaceted network, composed of public, private and academic actors. Each plays a distinct and complementary role, and the synergy between them is crucial for the advancement and scalability of innovations.
The need for effective orchestration between these actors is a recurring theme, as a lack of coordination can lead to duplication of efforts and the persistence of critical gaps in the development of deeptechs.
The public sector, through funding agencies, plays an indispensable role. Institutions such as Finep , FAPESP , Sebrae and Embrapii are essential in providing crucial initial financing to deeptechs, especially in the phases in which these companies do not yet generate revenue and market evaluation is complex. The dependence on public capital is evident: 70% of deeptech startups that raised more than BRL 5 million did so through these institutions.
FAPEMIG , for example, actively invests across the value chain, from idea conception at universities to product development, supporting research in areas of high social impact, such as climate change. It has supported promising startups such as FabNS and initiatives such as "Compete Minas", which fosters partnerships between science and technology institutions and companies.
FAPESP ’s PIPE (Innovative Research in Small Businesses) program is an example of consistent and predictable public policy, having financed 28% of the deeptechs mapped and supported almost 2,000 companies in São Paulo since 1997, in various stages of development. FAPESP has also expanded its support by investing in Private Equity Funds (FIPs) and by selecting groups of angel investors to invest in PIPE-affiliated companies, supporting their growth phases.
Sebrae , through the START Deeptech program, offers pre-acceleration for scientific startups, assisting in the validation of MVPs and the first sales, with strategic evaluation, mentoring and preparation for investment.
At the state level, the "Paraná Anjo Inovador" program is the largest financial incentive project for startups in Brazil, allocating BRL 37 million in subsidies and supporting deeptechs such as Beootec (focused on blue propolis for agribusiness) and Hyla Biotech (developing a device for detecting breast cancer).
Academia and research centers are the birthplace of deeptechs. Universities and research centers provide the infrastructure, intellectual capital, and research-intensive environments necessary for the emergence of these technologies. There are strong connections between deeptech companies and universities/science and technology institutes, often facilitated by public innovation policies.
The concentration of deeptechs in São Paulo, for example, is driven by the presence of educational and research institutions such as USP , UNICAMP and ITA . Notable examples of university spin-offs include Symbiomics , which originated from a PhD at Unicamp and focuses on bio-inputs; brain4care , which is the result of USP research into intracranial pressure monitoring; Inspectral , which originated from a PhD at Unesp for water quality analysis; and nChemi , from UFSCar , which specializes in nanotechnology.
These institutions are responsible for training highly specialized scientific and engineering talent, essential for deeptech innovation. Cases of university spin-offs acquired by large national and international groups demonstrate the success of technology transfer from academia to industry.
As far as investors are concerned, deeptechs require “patient capital” due to the long return on investment timeframes. Despite this, Venture Capital and Private Equity funds consider deeptechs attractive, with an average Internal Rate of Return (IRR) of 26%.

Only 4.8% of total Venture Capital investment in Brazil is directed towards biotechs, a value much lower than other Latin American countries such as Chile (20%).
Among the main VCs for deeptech in South America, the following stand out: Kaszek Ventures , NXTP Labs , SOSV (with a specific focus on deeptech, planetary health and human health) and Draper Cygnus (investing in disruptive deeptech innovation).
Anjos do Brasil, a non-profit organization that fosters angel investment, has an "AI/Deep Tech" business vertical and a "Healthtech" vertical. Angel investors provide "smart money", which includes capital, knowledge and a network of contacts, with average investments ranging from BRL200,000 to BRL 1 million.
There is growing interest in investment from experts in the sector. Within the scope of Corporate Venture Capital (CVC), Unimed-BH has a strategy for healthtechs with an investment of BRL 60 million. Dasa and Aggir Ventures are also players considered relevant in the context of innovation in health.
Accelerators and incubators play a crucial role in supporting and developing deeptechs. Examples include Google for Startups Accelerator Brazil , which focuses on growth-stage Brazilian startups, especially in AI and Machine Learning (ML). Antler Brazil seeks exceptional talent and early-stage tech startups. ACE Startups supports a range of tech startups across a range of sectors.
Cubo focuses on technology and digital startups, with an emphasis on innovation and growth. The Eretz.bio program Deep Tech Development and Innovation supports researchers in transforming research and inventions into market-ready solutions, offering access to experts from Hospital Israelita Albert Einstein, advanced laboratories and regulatory assistance.
The Sebrae START Deeptech program is a pre-acceleration program for scientific startups, assisting in the validation of MVPs and the first sales. Large companies and industry associations contribute through partnerships and open innovation. The disruptive potential of deeptechs attracts large technology companies interested in open innovation partnerships.
The Eretz.bio actively involves large companies and hospitals, such as the Einstein system, in R&D partnerships. The "Innovation Platform for Industry" of the CNI (National Confederation of Industry) finances the development of technologies, processes, products and services to increase the efficiency and productivity of the industrial sector, involving partnerships with universities, industrial companies, startups and research centers.
It is noteworthy that 80% of Brazilian companies already incorporate open innovation into their strategic agenda. Analysis of the dynamics of these actors reveals the "orchestration imperative" for a triple helix model.
The data shows an active but fragmented ecosystem: public agencies provide crucial seed funding, universities generate the science, and private investors and accelerators exist. However, the overall challenge is to “connect ecosystems.” The multiplicity of distinct actors and initiatives, such as FAPESP , Finep , Sebrae , Anjos do Brasil , several VCs, accelerators, Eretz.bio , and CNI , implies the need for better coordination and synergy. Without a central orchestration, efforts may be duplicated or fail to fill critical gaps, such as the “valley of death” that many deeptechs face.
The “triple helix” model (government, academia, industry) is implicitly present, but needs to be explicitly strengthened. A national strategy should therefore prioritize mechanisms for robust, multi-stakeholder collaboration, possibly through a dedicated national committee for deeptech or a centralized platform that maps capabilities, identifies gaps, and facilitates partnerships between all actors.
The “specialization versus generalism” dynamic in private investment is another relevant observation. While some VCs focus on deeptech and health, the overall venture capital landscape in Brazil strongly favors digital and financial businesses, which received 84.5% of investments in 2023. This generalist approach means that deeptechs, with their long R&D cycles and high risk, are often overlooked or undervalued.
The existence of specialized verticals in angel networks, such as Anjos do Brasil ’s AI/Deep Tech and Healthtech verticals, is a positive sign, indicating a nascent understanding of the specific needs of deeptech.
Public policies should encourage the creation and growth of VCs and funds specialized in deeptech and health, through co-investment models with public agencies, to provide the “patient capital” and domain expertise that generalist funds lack.
Technological Crossroads for Global Leadership in Deeptech Health
For Brazil to position itself as a global powerhouse in deeptech innovation in health, it is imperative to focus and invest strategically in three transversal technological areas that represent the cutting edge of science and the country's unique potential: Artificial Intelligence, Biotechnology and Biodiversity. The interconnection of these areas is essential for the development of truly disruptive solutions. Artificial Intelligence (AI) in Health.
Artificial Intelligence is significantly transforming the health sector in Brazil, with applications ranging from disease prevention to treatment. Notable examples of Brazilian startups include IONIC Health , which enables remote operation of imaging equipment, facilitating access to high-quality exams in regions with a shortage of specialists. Munai uses AI to integrate clinical data and assist doctors in prescribing personalized treatments, while Huna uses AI to speed up and improve the accuracy of laboratory reports.
In addition to startups, large healthcare institutions and the pharmaceutical industry are also adopting AI. Healthcare providers use AI to detect fraud, reduce operational costs, automate claims triage, and provide support via chatbots. More than 60% of private hospitals in Brazil already integrate AI to optimize bed and resource management, analyze exams with greater agility and accuracy, and improve clinical decision-making. Diagnostic laboratories use AI to analyze imaging exams, process genomic data, and automate internal processes, impacting 10,000 to 140,000 patients per month, depending on the size of the laboratory.
The pharmaceutical industry is beginning to use AI to accelerate drug development, predict demand for inputs, and personalize treatments, ensuring greater safety and accuracy. Brazil, recognizing the potential of AI in health, is prioritizing the topic during its BRICS presidency in 2025, seeking to discuss technology development and data governance, leveraging its experience with the SUS.
The country also stands out in AI research, being among the top 20 globally in terms of publication volume (6,304 studies between 2019-2023), with a large part financed by CAPES and CNPq .
The transformative potential of AI in health is immense, shifting the focus from treating disease to promoting health. It offers the ability to detect diseases such as breast cancer years in advance, and plays a crucial role in combating tropical diseases by enabling early detection of outbreaks, faster diagnostics, epidemiological studies, and accelerating drug and vaccine discovery.
However, AI adoption faces significant challenges, including infrastructure limitations, the need for professional training for healthcare professionals to become “AI First Thinkers,” regulatory hurdles, the lack of digitization and interoperability in hospital systems, and limited investment in R&D. There are also ethical concerns related to data quality and bias, information privacy and security, and the question of legal liability in the event of AI errors.
The high costs of developing and implementing AI can even widen the gap in healthcare quality, and the lack of knowledge about AI in the medical community, together with social inequality and limited internet access in Brazil, are additional obstacles.
Biotechnology in Health - The R&D and scientific production panorama in biotechnology in Brazil indicates a nascent sector, but with great potential. The country ranks 9th globally and leads in Latin America with more than 350 active biotechnology startups. Specifically in health, 90 biotechnology startups were mapped, with 64% of them located in the Southeast region and 58% focused on therapies and diagnostics. Brazil concentrates 77% of researchers in Latin America , is 5th globally in publications in biological and agricultural sciences, holds 58% of patents and conducts 47% of research in the region.
However, scientific production in biotechnology for human health in Brazil still shows spatial and sectoral concentration, in addition to a strong dependence on public investment. There is also a low capacity for innovation in the chain of development of new medicines. Opportunities in advanced therapies, vaccines and diagnostics are vast. The life sciences sector (human and animal health) has high potential, encompassing diagnostics, treatments, vaccines, gene therapies and immunotherapies.
Examples include gen-t , which is building Latin America’s largest gene bank for precision medicine; Nintx , which develops therapies for multifactorial diseases using natural products; and Aptah Bio , which uses synthetic molecules to reprogram cell nuclei in age-related diseases.
Emerging areas such as cell and gene therapies (driven by technologies such as CRISPR), bioinformatics and AI applied to health, next-generation vaccines (based on mRNA) and new molecular diagnostics (faster, more sensitive and affordable) promise to revolutionize the sector. Sales in biopharmaceutical biotechnology are projected to increase from 39% globally to 44% by 2026.
Despite its potential, the sector faces significant challenges. Venture capital participation in biotechs is low (only 4.8% of total VC in Brazil), and there is underinvestment in R&D, with only 1.21% of Brazil’s GDP dedicated to this area. The conversion of scientific production into business is low, and the internationalization of Brazilian biotechs is limited, with only 12% of them headquartered outside Brazil. High scientific risk and regulatory constraints are barriers, as are the high CAPEX required to set up laboratories (BRL 5-20 million) and the scarcity of specialized funds and accessible shared research spaces.
Biodiversity as a Strategic Asset for Innovation in Health - Brazil holds between 15% and 20% of the world's biodiversity, and is the country with the largest number of endemic species. This natural wealth represents immense potential for the discovery of drugs and bioproducts.
Historically, natural products have been the most successful strategy in drug discovery, with half of the top 20 best-selling drugs globally being natural products, totaling US$16 billion in sales. Brazilian biodiversity is a significant source of biologically active substances.
Bioprospecting initiatives, such as the Biota-FAPESP Program , are intensifying to rationally search for value-added bioproducts. Interest in natural products for drug discovery has been resurgent, driven by modern techniques that increase success rates. The growth of the Brazilian pharmaceutical industry and increased investment in R&D are factors that can leverage this potential.
However, exploring this potential faces regulatory challenges and, at the same time, offers opportunities for sustainable appreciation.
The Legacy of Provisional Measure 2.186-16/2001: Uncertainty and Discouragement - The regulatory framework prior to the Biodiversity Law , notably Provisional Measure (MP) 2.186-16/2001, established a system of prior control of access to genetic heritage that proved to be excessively rigid and complex. This regime granted the State broad powers to determine who, what and how genetic resources could be accessed, requiring multiple sequential administrative authorizations for activities such as scientific research, bioprospecting and technological development.
For a product to reach the market, up to three separate authorizations were required, which created significant bureaucratic obstacles throughout the R&D process. One of the most controversial aspects of the provisional measure was the distinction between research with and without economic or financial purposes. Both the business and academic sectors considered it unfeasible to determine a priori whether scientific research would result in a marketable product, given the uncertainty inherent in innovative processes.
This legal ambiguity created a climate of uncertainty for researchers and companies. The granting of intellectual property rights, such as patents, over processes or products obtained from genetic heritage was subject to prior authorization of access by the Genetic Heritage Management Council (CGen) . This additional requirement resulted in a "mass rejection" of patent applications, due to the extreme difficulties in obtaining the necessary authorizations. Furthermore, Brazilian legislation considered plant extracts and active substances isolated from nature to be "discoveries" and therefore not patentable, although the processes for obtaining them could be.
The direct consequence of this scenario was " patent leakage ": a study revealed that 92% of global patents involving native plant species of the Atlantic Forest flora were developed and filed outside Brazil, mainly by entities in China, Japan, the United States and Korea. The few patents developed in Brazil were mostly held by research institutes and public universities, and not by companies with commercialization capacity, which pointed to a national limitation in converting research into market value.
Legal uncertainty was further heightened in 2010 with Ibama's "Operation New Directions", which resulted in approximately 450 infraction notices and the imposition of more than BRL 200 million in fines against Brazilian companies, technology institutions, public universities and researchers. This punitive environment caused a significant reduction in public and private investment in research and innovation related to biodiversity, leading many Brazilian researchers to abandon the study of national biodiversity in favor of exotic species.
At the same time, technical and methodological changes in the pharmaceutical industry, such as the rise of combinatorial chemistry and high-throughput screening (HTS), also contributed to a reduction in interest in biodiversity research, since complex natural extracts were less compatible with these new large-scale screening methods.
Law 13.123/2015: Current Progress and Challenges in Implementation - Law No. 13.123/2015, regulated by Decree No. 8.772/2016, was enacted with the aim of fundamentally reforming the previous regulatory framework. The new framework aimed to encourage sustainable value generation from Brazilian biodiversity. The main conceptual change was the transition from a strict prior control regime to a registration system based on the presumption of "good faith" by the user, assuming their interest in preserving biodiversity and in the fair sharing of benefits. Among the most significant advances introduced by the new law, the following stand out:
Simplification of Access and SisGen: The law replaced the multiple and costly prior authorizations with a simplified registration system, operated by the National System for the Management of Genetic Heritage and Associated Traditional Knowledge (SisGen) . This change sought to streamline processes and reduce bureaucratic obstacles.
Elimination of the Distinction between Research: The controversial distinction between research with and without economic-financial ends has been abolished, recognizing the uncertainty inherent in innovation in its early stages and simplifying the process for researchers.
More Objective Benefit-Sharing Mechanisms: The law established more objective criteria for benefit-sharing, focusing the obligation on the moment of effective generation of monetary revenue. This includes a monetary contribution of 1% of annual net revenue (reducible to 0.1% by sectoral agreement for the final product) and the formalization of non-monetary benefit-sharing modalities, such as conservation projects, free distribution of products and training of human resources.
Regularization of Past Activities and Amnesty: A crucial aspect was the introduction of mechanisms for regularizing activities carried out under previous legislation and granting broad amnesty for past non-compliance. This measure aimed to resolve long-standing administrative and judicial disputes, allowing entities to comply without punitive repercussions for past actions.
Concomitant with Brazilian regulatory reform, global science has been experiencing a “rediscovery” of the value of natural products in drug discovery. Advances in techniques such as metagenomics and metabolomics have significantly improved the success rate in screening natural compounds. Recent Brazilian innovations, such as Acheflan® (a topical anti-inflammatory derived from Cordia verbenacea) and Helleva® (a synthetic substance inspired by natural PDE-5 inhibitors), demonstrate the potential for local development.
Furthermore, Brazil’s ratification of the Nagoya Protocol , through Decree No. 11,865/2023, which entered into force for the country on June 2, 2021, represents a significant step towards international alignment. This protocol aims to create a stable, transparent, and safe environment for biodiversity research and use. Despite the “great advances” observed since the law’s implementation, Law 13,123/2015 still faces significant operational and systemic challenges.
SisGen , although digital, is criticized for the excessive bureaucracy of its forms, which require intense detail, hindering the agility of R&D. There is low participation of traditional knowledge holders in CGen meetings, affecting the distribution of benefits, and an absence of state and municipal representatives, which hinders coordination.
Many companies have not yet regularized their situation and are not making benefit sharing payments. The National Benefit Sharing Fund (FNRB) , although regulated, was only activated for the first time in 2024. There are still "doubts and inaccuracies" and "little case law" in the new framework, affecting investment decisions and oversight.
The issue of recognition of Associated Traditional Knowledge (CTA) also generates uncertainty, with different interpretations about its origin and access through secondary sources.
Untapped Potential and Need for Improvement - Despite implementation challenges, the potential of Brazil’s biodiversity remains vast and largely unexplored. The country’s biological and chemical wealth offers an unparalleled source for the discovery of new drugs and the development of high-value bioproducts.
The opportunity lies in creating a “bioindustrial complex” that integrates bioprospecting, R&D, manufacturing and commercialization within Brazil. The Biodiversity Law is an important step, but its impact depends entirely on continued improvements in genetic heritage management and a supporting ecosystem for scaling up.
It is crucial to develop policies that incentivize the entire value chain for bio-based deeptechs, from early-stage research to industrial scale-up. This includes dedicated infrastructure (labs, biorefineries), specialized talent, and mechanisms for corporate partnerships that maintain intellectual property and value creation within Brazil.
The analysis of these three cross-cutting technologies reveals a “synergistic nexus.” The user requested a focus on these three areas, and the data shows that they are not isolated but intrinsically connected. AI can accelerate drug discovery from biodiversity, optimize biotechnology R&D , and improve diagnostics. Biotechnology provides the tools to manipulate biological systems derived from biodiversity.
Biodiversity, in turn, provides the raw, complex chemical structures that AI and biotechnology can then analyze and optimize. This creates a powerful feedback loop: biodiversity provides the unique inputs, biotechnology provides the engineering, and AI provides the intelligence for rapid development and personalization.
A national strategy should not treat these pillars as separate, but as interconnected components of a holistic innovation ecosystem, fostering interdisciplinary research and development programs.
Another finding is that the “data-driven future of health” faces fundamental challenges. The potential of AI in health is vast, ranging from early diagnosis to personalized medicine and public health. However, its effective adoption is hampered by fundamental issues such as lack of digitization, interoperability, and data quality or bias.
Without a robust, standardized, and secure data infrastructure, the transformative power of AI cannot be fully realized. The focus on data governance during Brazil’s BRICS presidency is a recognition of this critical dependency. It is imperative, therefore, to prioritize national investments in digital health infrastructure, data standardization, and cybersecurity .
Developing clear regulatory frameworks for data privacy and the ethical use of AI is fundamental work, as critical as the AI algorithms themselves. Table 3 presents concrete examples of Brazilian innovation, demonstrating that deeptech in health is already a reality. This provides tangible evidence of the potential and inspires trust, while making the report more relatable and less abstract.
Table 3: Outstanding Brazilian Deeptech Startups in Health (AI, Biotechnology, Biodiversity)
Category | Startup Name | Innovation/Key Solution | Impact/Application |
AI | IONIC Health | Remote operation system for imaging equipment | Access to high-quality testing in regions without specialists |
AI | Munai | Clinical Data Integration with AI | Assistance in prescribing personalized treatments |
AI | Huna | AI for laboratory test analysis | Speeding up and improving the accuracy of reports |
Biotechnology | gen-t | Construction of the largest genetic bank in Latin America | Precision medicine and improving public health |
Biotechnology | Nintx | Therapies for multifactorial diseases using natural products | Modulation of biological targets via the human microbiome |
Biotechnology | Aptah Bio | Synthetic molecules to reprogram cell nuclei | Treatment of diseases related to aging (cancer, Alzheimer's) |
Biotechnology | brain4care | Non-invasive intracranial pressure monitoring technology | Neurological diagnosis and monitoring |
Biotechnology | Peptidus Biotech | Development of bioactive peptides using generative AI | New therapies, combating bacteria (e.g. mastitis) |
Biodiversity | Symbiomics | Production of microbial strains for agricultural bio-inputs | Solutions for agriculture |
Biodiversity | Inspectral | Water quality analysis via drone/satellite imagery | Environmental and public health monitoring |
Recommendations for a National Strategy to Support Deeptechs in Health
To transform Brazil’s vast potential into a global leader in health deeptech, a multifaceted and coordinated national strategy is essential. This strategy should encompass assertive public policies, robust incentives for the private sector, and the incorporation of international best practices. The following recommendations aim to build a vibrant and sustainable ecosystem capable of boosting the country’s innovation and competitiveness.
Public Policies
Regulatory and Legal Simplification:
It is crucial to simplify regulatory and legal procedures that are currently complex and bureaucratic, hindering the agility and development of deeptechs.
The new regulatory framework for biodiversity (Law No. 13,123, of May 20, 2015) requires continuous improvements to the genetic heritage management system (SisGen) to ensure that it truly simplifies access and encourages local R&D and commercialization, overcoming the historical challenges of legal uncertainty that led to the filing of patents abroad.
This includes the implementation of "regulatory sandboxes ", which provide legal certainty for experimental actions and allow for the temporary departure from applicable standards for testing innovations, accelerating the journey of deep techs. It is also suggested that analysis be prioritized and processes simplified with regulatory agencies such as Anvisa and INPI for new products that employ advanced technologies.
It is essential that the National Code of Science, Technology and Innovation be continually monitored and improved, and that there be a clear consensus with the control bodies to guarantee legal certainty to public managers who foster innovation.35
Increase and Diversification of Public Funding:
The volume of public funding for deeptechs needs to be increased and its predictability improved, as public investment in S&T has regressed significantly over the last decade and the current volume is often insufficient for the capital-intensive needs of these companies.
More non-refundable resources should be allocated, which are crucial for early-stage deeptechs with long R&D cycles and uncertain returns.
Promote mixed financing models that combine public and private resources and use diversified financial instruments to meet the needs of deeptechs at different stages of maturity.
Encourage the creation of venture capital funds specialized in deeptech and health, perhaps through co-investments with public agencies, to fill the gap left by generalist funds.
Government Procurement as a Market Driver:
Use government procurement as a mechanism to drive the deeptech market.11 Government can act as a “first customer,” providing crucial validation and a go-to-market channel for these innovative companies, especially in areas of public health.
Introduce clear and explicit mechanisms for R&D contracting by the public sector in procurement legislation, ensuring greater legal certainty for public managers.
Talent Development and Infrastructure:
Implement public policies to attract and retain highly qualified talent, such as researchers and engineers, who are scarce in Brazil compared to developed countries. This may include scholarship programs, incentives for returning talent, and visa facilitation.
Invest in the expansion and consolidation of cutting-edge research infrastructures, including multi-user laboratories and large-scale research centers, to reduce high R&D costs for startups.
Foster an entrepreneurial mindset in universities and provide robust business management training for researchers, creating clear pathways and incentives for technology transfer and the creation of spin-offs.
Strengthening the Health Economic and Industrial Complex (CEIS) and the New Brazilian Industry Program (NIB):
The CEIS is a crucial component for reducing vulnerabilities in the Unified Health System (SUS) and expanding access to health, with investment in strengthening biotechnology research and local production of medical supplies being vital for national sovereignty.
The New Industry Brazil Program (NIB) is a new, mission-driven industrial policy framework that aims to create a competitive industry in Brazil. The Ministry of Science, Technology and Innovation (MCTI) is fully integrated into the NIB, making strategic investments in several areas.
The NIB provides for financial instruments, such as credit lines, government subsidies and tax incentives, in addition to the expansion of sector funds and the creation of a venture capital fund to support technological activities, especially academic spin-offs.
The creation of specific credit instruments for deeptechs in emerging sectors such as bioeconomy, renewable energy and social innovation are crucial, as well as the simplification of regulatory procedures and the promotion of regulatory sandboxes to accelerate the development of these companies.
Strategic areas for investment in ST&I aligned with the NIB include Artificial Intelligence and Data Science, Sustainable Agriculture, Industry 4.0, Smart Cities, Quantum Computing, Health and Biotechnology, Sustainable Energy Transition and the Amazon Bioeconomy and Biodiversity.
Ecosystem Coordination and Articulation
Creation of a National Committee for Deeptech in Health:
Establish a national committee or task force dedicated to deeptech in health, composed of representatives from the government (Ministries of Health, Science and Technology, Economy), funding agencies, universities, research centers, investors (VCs, angels, CVCs), accelerators, large companies and industry associations. This committee would have the main function of orchestrating efforts, mapping resources, identifying gaps, facilitating partnerships and monitoring the progress of the national strategy, ensuring synergy and avoiding duplication of efforts.
Centralized Innovation Platform:
Develop a centralized digital platform that connects all actors in the deeptech ecosystem in health. This platform could serve to:
Map startups, researchers and projects.
Disclose funding opportunities (public and private).
Facilitate the search for talent and partnerships.
Share data and best practices.
Promoting Multi-Helix Collaboration:
Actively encourage “open innovation” models between deeptechs and large corporations/hospitals.
Strengthen collaboration between universities and companies, through joint R&D programs, technology licensing and university incubators/accelerators.
Focus on Technological Cross-cutting
Artificial intelligence:
Prioritize investments in digital health infrastructure, data standardization and cybersecurity, which are fundamental to the full development and adoption of AI in health.
Develop clear regulatory frameworks for data privacy and the ethical use of AI, ensuring the security and trust needed for its expansion.
Promote training programs for health professionals, transforming them into "AI First Thinkers", capable of integrating AI into their clinical practices.
Biotechnology:
Encourage the creation of a “bioindustrial complex” that integrates bioprospecting, R&D, manufacturing and commercialization of biotechnology products within Brazil. This includes the development of dedicated infrastructure, such as biorefineries.
Promote the formation of multidisciplinary teams in biotechnology startups, combining scientific expertise with management and commercialization skills.
Biodiversity:
Launch large-scale bioprospecting programs, focusing on Brazilian biomes and their applications in health, ensuring fair and equitable sharing of benefits.
Create incentives for intellectual property derived from biodiversity to be developed and deposited predominantly in Brazil, reversing the current trend of foreign patents.
Strategies for Patenting and Internationalization - The "patent drain" is a symptom of a broader problem: the lack of full integration of the Brazilian innovation ecosystem into global value chains for biodiversity-based products.
To reverse this trend and boost local sales:
Incentives for Local Patenting and International IP Protection: It is essential to address the issue of foreign patenting (92% of Atlantic Forest flora patents developed abroad) by implementing more robust incentives and support mechanisms for filing patents locally.
This includes simplifying INPI processes and offering legal and financial assistance for the protection of intellectual property both in Brazil and internationally.
Fostering a Global Vision from the Outset: Brazilian deep tech startups and research initiatives should be encouraged to adopt a global vision from the outset, actively investigating international solutions and seeking access to technologies and customers beyond national borders.
Promoting Global Collaboration: Step up efforts to promote the internationalization of Brazilian companies and universities in the field of deep tech. Positive trends in international scientific collaboration should be leveraged to foster joint R&D projects and facilitate access to global markets.
Alignment with International Standards: Continuously ensure that Brazilian legislation and practices relating to genetic heritage and intellectual property are aligned with international agreements and best practices, as exemplified by the ratification of the Nagoya Protocol .
Conclusions and Final Perspectives
Brazil has the essential ingredients to become a global powerhouse in health deeptech: a robust scientific base, growing talent, unparalleled biodiversity, and an engaged public sector. However, detailed analysis reveals that the ecosystem still faces significant challenges, such as the private funding gap, regulatory complexity, and cultural barriers in academia.
Overcoming these obstacles requires a cohesive, long-term national strategy. The recommendations presented aim to create an enabling environment for Brazilian deeptechs in health to flourish, scale and compete globally. This implies a continued commitment to increasing public investment and attracting private patient capital, simplifying regulations, fostering entrepreneurial culture in universities and building cutting-edge R&D infrastructures.
The synergy between Artificial Intelligence, Biotechnology and Biodiversity is the key to unlocking Brazil’s transformative potential in health. By orchestrating the efforts of all stakeholders and focusing on these technological crosscuttings, Brazil can not only solve its own health challenges but also contribute significantly to global health, consolidating its position as a global innovation leader .
Bibliographic References
FINEP. National Strategy to Support Deep Tech Startups and Their Ecosystems in Brazil . Rio de Janeiro: Finep, [sd].
BRAZIL. Law No. 13,123 of May 20, 2015. Regulates item II of § 1 and § 4 of art. 225 of the Federal Constitution, arts. 1, 8, item "j", 10, item "c", 15 and 16 of the Convention on Biological Diversity, promulgated by Decree No. 2,519 of March 16, 1998; provides for access to genetic heritage, protection of and access to associated traditional knowledge, and benefit sharing for the conservation and sustainable use of biodiversity. Brasília, DF: Diário Oficial da União, May 21, 2015.
BRAZIL. Decree No. 8,772 of May 11, 2016. Regulates Law No. 13,123 of May 20, 2015, which provides for access to genetic heritage, protection of and access to associated traditional knowledge, and benefit sharing for the conservation and sustainable use of biodiversity. Brasília, DF: Diário Oficial da União, May 12, 2016.
BRAZIL. Decree No. 11,865 of December 27, 2023. Promulgates the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization to the Convention on Biological Diversity. Brasília, DF: Diário Oficial da União, December 28, 2023.
IPEA. Report: The national science, technology and innovation system and productive development in Brazil . Brasília: Ipea, 2017.
MCTI. New Industry Brazil: Ministry of Science, Technology and Innovation is fully integrated into the new industrial policy . [Sl]: MCTI, [sd]. Available at: https://www.gov.br/mcti/pt-br/acompanhe-o-mcti/noticias/2025/05/mcti-lanca-chamada-inedita-do-nova-industria-brasil-para-o-nordeste . Accessed on: June 2, 2025.
ABBI. Panorama of Biotechnology Companies in Human Health in Brazil . [Sl]: ABBI, 2023.
AMARAL, Marina. Investment in healthtechs in Brazil falls and reaches R$ 299 million in 2024 . StartSe, September 19, 2024. Available at: https://www.startse.com/artigos/investimento-healthtech-brasil-2024-cai/ . Accessed on: June 2, 2025.
BIO BRASIL. 90 biotechnology startups in health are mapped in Brazil . São Paulo: Bio Brasil, 2023.
EMERGE BRAZIL. Deep Tech in Brazil: Mapping Startups . São Paulo: Emerge Brasil, [sd]. Available at: https://emergebrasil.in/panorama-startups-deep-tech-brasileiras/ . Accessed on: June 2, 2025.
FREITAS, Guilherme. How Artificial Intelligence is transforming healthcare in Brazil . CNN Brasil, March 26, 2024. Available at: https://www.cnnbrasil.com.br/saude/diagnostico-precoce-e-reducao-de-riscos-como-ia-pode-ser-usada-na-medicina/ . Accessed on: June 3, 2025.
GRUPPO, Fernanda. Brazilian biodiversity is ignored at home and patented abroad . Jornal da USP, November 24, 2023. Available at: https://jornal.usp.br/ciencias/ciencias-ambientais/brasil-desperdica-o-potencial-de-sua-biodiversidade-um-ativo-unico-e-inigualavel/ . Accessed on: June 3, 2025.
ALBERT EINSTEIN ISRAELI HOSPITAL. Eretz.bio . [Sl: sn]. Available at: https://www.eretz.bio/blog/incubacao-startup-eretz-bio-albert-einstein/ . Accessed on: June 3, 2025.
LATAMLIST. Top 20 Deep Tech VCs in Latin America . [Sl: sn], [sd]. Available at: https://www.femaleswitch.com/little_sister_ai_app/tpost/uar5jn3s11-top-20-vcs-for-deeptech-startups-in-sout . Accessed on: June 4, 2025.
SOSV. SOSV Deep Tech Summit . [Sl: sn], [sd]. Available at: https://sosv.com/sosv-human-health-100-list/ . Accessed on: June 3, 2025.
THIELMANN, Ricardo. Artificial Intelligence Scenario in Brazil: growing research, but with infrastructure challenges . StartSe, May 14, 2024. Available at: https://www.startse.com/artigos/cenario-da-inteligencia-artificial-no-brasil-pesquisa-em-crescimento-mas-com-desafios-de-infraestrutura/ . Accessed on: June 2, 2025.
WICHER, Giselle. Analysis of the deep tech innovation scenario in Brazil . Finep, 2023.
GOVERNMENT OF PARANÁ. Paraná Innovative Angel: Government of Paraná invests R$ 37 million in the largest financial incentive project for startups in Brazil . [Sl]: Government of Paraná, 2023. Available at: https://www.inova.pr.gov.br/Pagina/Parana-Anjo-Inovador-0 . Accessed on: June 3, 2025.
BRAZIL. Law No. 13,123 of May 20, 2015. Brasília, DF: Official Gazette of the Union, May 21, 2015.

by Marcio de Paula
Brazilian Health Innovation Institute - IBIS
Comments