Called Axon Ventures, the fund will allocate up to R$ 45 million for technology projects with the potential to transform the healthcare sector.
Eurofarma, present in 20 countries and one of the Brazilian pharmaceutical companies that invests the most in innovation, announces the creation of the investment fund Axon Ventures. Already in operation, the fund will invest in technology projects aimed at the healthcare sector.
The goal is to seek minority stakes in early-stage businesses that focus on solving relevant industry problems. “The idea is that investments will range from R$ 500 thousand to R$ 4 million per company and that Eurofarma can participate on the board. We are targeting operational companies, those with products and revenue, while additionally seeking new growth levers. To enhance the development and results of these operations, we also intend to share our network of relationships,” explains Paulo Braga, Corporate Venture manager.
In addition to increasing investments in research and development of new drugs, which totaled R$ 252 million in 2018, Eurofarma’s strategy is to further expand its innovation initiatives. In the Corporate Venture area, created in 2017, three fronts were defined: the first, called ideation, seeks initiatives still in the embryonic phase to assist researchers and transform a scientific or academic project into a business; the second, focused on relationships with startups, houses the Eurofarma Synapsis mentoring and promotion program aimed at scale-ups; and finally, the third front is concentrated on the activities of Axon Ventures, focused on investment and participation in disruptive innovations in the healthcare chain.
“Combined with the internationalization process, the 2022 vision maintains that innovation and sustainability are the foundation for the company to be among the top 3 regional capital pharmaceutical companies in Latin America, consolidating its market share and leadership in medical prescriptions. Incorporating new technologies and seeking disruptive solutions that add value to the business are paths to achieve these objectives,” adds Maria del Pilar Muñoz, Vice President of Sustainability & New Business.
The Eurofarma Group is a healthcare company focused on providing products and services to improve people’s lives with quality, innovation, and fair prices in the areas of Medical Prescription, Over-the-Counter, Generics, Hospital, Oncology, and Veterinary. Only in Brazil, the company offers 287 products in 622 presentations, serves 30 medical specialties, and covers 101 therapeutic classes, which represent 89% of retail pharmaceutical sales.
Founded in 1972 and as the first pharmaceutical multinational with 100% Brazilian capital, it has its own operations in 20 countries, maintaining an important industrial hub in Brazil and plants in 6 other Latin American countries. In 2018, the group generated R$ 4.3 billion in revenue and employs more than 6,700 employees.