On October 23rd, Brazil, Russia, India, China, and South Africa, the BRICS, signed a Memorandum of Understanding (MoU) on health regulation during the 5th Meeting of BRICS Health Regulatory Authorities. The meeting took place at the Pan-American Health Organization’s headquarters in Brasilia, Brazil.
The countries’ main goal is to promote cooperation and to share best practices in regulating medical products, pursuing to harmonize their sanitary norms. The MoU is expected to ensure greater communication and collaboration between the health sector regulators. It also has the potential to increase the trade of pharmaceuticals and medical devices among the countries.
Together, China, Brazil, and India have a US$ 150.5 billion market on pharmaceuticals and a US$ 112 billion on medical devices.