Economic-Financial Efficiency of Brazilian Pharmaceutical Industries Facing the Increase in Input Costs (2019-2024)

Ana Paula Falabretti; Leandro Rodrigues

DOI: 10.22167/2675-6528-202602649

Article derived from a Course Conclusion Work (TCC), with content based on the student’s original work and adapted to the editorial format of the E&S Magazine with the support of the ResumeAI tool, an artificial intelligence solution developed by Instituto Pecege for textual synthesis and organization.

Summary

The Brazilian pharmaceutical sector faced a challenging environment between 2019 and 2024, characterized by increased input costs, exchange rate volatility, and inflationary pressures, which highlighted the relevance of analyzing the economic-financial sustainability of companies. The study aimed to assess the economic-financial efficiency of Brazilian pharmaceutical companies in this scenario. A quali-quantitative approach was adopted, including the annual analysis of economic-financial indicators of nine companies, complemented by a linear correlation analysis with macroeconomic variables and content analysis of the explanatory notes of accounting statements. The results showed that the impact of cost increases occurred heterogeneously among companies, influenced by cost structure, dependence on imported inputs, and management strategies. Companies with greater financial discipline, cost control, and operational flexibility showed greater resilience, while organizations with more rigid structures or intensive in innovation demonstrated greater volatility in indicators, especially in the short term. It was concluded that economic-financial efficiency in the sector depended not only on the macroeconomic environment but also on the strategic decisions adopted by companies, which directly influenced their adaptability and financial sustainability.

Keywords: Indicator analysis; Financial performance; Cost structure; Business management; Financial resilience.

1. Introduction

The Brazilian pharmaceutical sector has high economic and social relevance, being responsible for the production and distribution of essential medicines. In addition to contributing to the generation of qualified jobs and technological development, the sector is strategic in integrating production, research, development, and commercialization activities, directly impacting the population’s quality of life and the country’s competitiveness (Capanema, 2006; Gadelha, 2003; Magalhães et al., 2003).

Despite its importance, the Brazilian pharmaceutical industry faces significant structural challenges, especially related to the dependence on imported inputs. This dependence makes it vulnerable to exchange rate variations, global inflation, and fluctuations in raw material costs (ANVISA, 2006; Dias et al., 2016; Santos et al., 2025). Such factors directly impact the profitability margins and operational efficiency of companies, requiring constant adaptations in financial and operational management (Souza et al., 2025).

Between 2019 and 2024, these challenges were intensified by events such as the COVID-19 pandemic, which caused supply chain disruptions, input shortages, and global price increases. This scenario demanded strategic responses from companies to preserve results and ensure operational continuity (Avelar et al., 2020; Bledow, 2021; Teixeira, 2022). Thus, the analysis of economic-financial efficiency during this period becomes relevant to understand how organizations reacted to a highly unstable environment.

Economic-financial efficiency refers to the ability of companies to generate sustainable results from their resources. This involves not only profitability, but also liquidity management, capital structure, and operational costs (Assaf Neto, 2003; Iudícibus, 2009). In this sense, cost management plays a central role, as it allows for mitigating the impacts of macroeconomic variations and sustaining competitiveness through operational and pricing adjustments (Magalhães et al., 2003).

Additionally, business models directly influence how companies respond to these pressures, by determining the organization of resources, processes, and capabilities for value generation (Casadesus-Masanell, 2004; Salas-Fumás, 2009). Companies that adopt strategies aligned with the conditions of the economic environment tend to exhibit greater adaptability and resilience, especially during periods of rising costs and market volatility (Pinto and Barreiro, 2013; Pereira and Gomes, 2017).

Given this context, the central research problem is related to the capacity of Brazilian pharmaceutical companies to preserve profitability margins and operational efficiency in a scenario marked by increasing input costs, inflation, and exchange rate volatility. Although the corporate finance and financial statement analysis literature emphasizes the importance of economic-financial indicators for evaluating business performance (Assaf Neto, 2003), and studies on business models highlight the influence of organizational strategies on value generation and adaptation to the competitive environment (Casadesus-Masanell, 2004; Salas-Fumás, 2009), it was observed, in the literature review, a greater concentration of analyses focused on earlier periods or other business segments. In this sense, the present work seeks to complement this literature by adopting an applied approach, sectorally delimited and contextualized in a recent period of high economic instability.

Thus, this study seeks to analyze the relationship between the economic-financial performance of companies, the macroeconomic context, and the strategies adopted, contributing to the understanding of the factors that influence the financial sustainability of the sector. To this end, the present work aims to evaluate the economic-financial efficiency of a sample of representative companies in the Brazilian pharmaceutical sector, both publicly and privately held, in the face of rising input costs, identifying which organizations managed to preserve profitability margins and operational efficiency in the period from 2019 to 2024.

2. Material and Methods

The scientific methodology adopted in this study corresponded to the set of systematic procedures employed for conducting the research, guiding the collection, treatment, and analysis of data, in alignment with the proposed objectives (Boaventura, 2012). The research was characterized as descriptive in terms of objectives, seeking to analyze the behavior of economic-financial variables of companies in the Brazilian pharmaceutical sector and identify performance patterns in relation to the macroeconomic context.

Regarding the approach, the study adopted a quali-quantitative perspective. This approach integrated the analysis of financial indicators with the interpretation of the economic and strategic context of the companies. The quantitative analysis allowed for the examination of indicator behavior over time, while the qualitative approach enabled the understanding of aspects related to management strategies and the operational conditions of the organizations.

Regarding the technical procedures, the research was documentary, based on the collection of secondary data. The information was obtained from publicly available financial statements and institutional reports. The analysis period covered the years 2019 to 2024, an interval marked by exchange rate variations, inflationary pressures, and global challenges in supplying pharmaceutical inputs (Bledow, 2021).

The study sample was composed of nine companies representative of the Brazilian pharmaceutical sector. Three of these companies are publicly traded, listed on the Stock Exchange: Hypera Pharma (HYPE3), Blau Farmacêutica (BLAU3), and Biomm (BIOM3). The remaining six companies are privately held: Aché, Prati Donaduzzi, Eurofarma, Althaia, Cimed, and Teuto.

The selection of these companies was based on criteria such as the relevance of their performance in the national market, the availability of public information, and the diversity of their business models. Data for publicly traded companies were collected from the Securities and Exchange Commission (CVM) and annual reports. For privately held companies, data were extracted from official publications on the institutional websites of each organization.

The economic-financial data were collected from the Balance sheet and the Income statement for the year (DRE) of the analyzed companies. Macroeconomic variables, such as inflation (IPCA) and the exchange rate (USD/BRL), were obtained from public sources such as the Brazilian Institute of Geography and Statistics (IBGE, 2025) and the Central Bank of Brazil (2025).

The quantitative analysis was conducted through the calculation and evaluation of economic-financial indicators. Liquidity ratios (current, quick, general), leverage ratios (third-party capital participation, debt composition, fixed asset ratio), profitability ratios (gross margin, operating margin, net margin, return on assets, return on equity) and operational efficiency (asset turnover, average collection period, average payment period, inventory turnover) were used, according to Assaf Neto (2012) and Iudícibus (2009).

To examine the relationship between economic-financial performance and macroeconomic variables, Pearson’s linear correlation was applied (Evans, 1996). The selected performance indicators were return on assets (ROA) and operating margin, correlated with inflation (IPCA) and the exchange rate (USD/BRL). The calculations were performed using Microsoft Excel software, through the CORREL function.

The companies were grouped into three categories for correlation analysis: Group A (greater stability and positive results), Group B (greater fluctuation in indicators), and Group C (persistently negative performance). This organization allowed for a comparative analysis of each group’s sensitivity to macroeconomic variations.

The qualitative analysis aimed to complement the quantitative results, seeking to interpret the different levels of economic-financial performance. For this purpose, the content analysis technique (Bardin, 2011) was used, structured in three stages: pre-analysis, coding, and interpretation of results. The pre-analysis involved an exploratory reading of the explanatory notes of the companies’ accounting statements.

In the coding stage, the information was categorized into recurring themes, such as financial discipline and cost control, cost structure, operational efficiency, indebtedness and financial structure, R&D investment, and pricing strategies. The interpretation stage integrated the qualitative findings with the quantitative results, seeking to understand the management practices associated with the economic-financial performance of the companies in the analyzed period.

3. Results and Discussion

This section presents the preliminary results of the economic-financial analysis of pharmaceutical companies in the period from 2019 to 2024, organized analytically and comparatively, according to the defined methodological procedures. The research sought to understand how organizations reacted to an environment of high instability, characterized by increased input costs, exchange rate volatility, and inflationary pressures, and which strategies were decisive for preserving economic-financial efficiency.

The analysis of the evolution of the cost of goods sold and net revenue allowed us to observe the growth dynamics and cost pressures faced by the companies. In terms of net revenue, Hypera and Eurofarma registered expressive growth, exceeding 120% in the period. Hypera, however, had its cost of goods sold growing at a faster pace, with a variation of 153%, indicating a relevant increase in production costs, although compatible with the expansion of operations. Eurofarma, in turn, demonstrated more balanced growth between revenue and costs, suggesting a greater capacity to absorb and pass on cost pressures throughout the analyzed period.

Other companies, such as Cimed, Blau, and Teuto, experienced, in certain periods, a growth in the cost of goods sold that was higher than net revenue, especially between 2020 and 2022. This scenario indicated greater pressure on operating margins. Aché also faced a more intense increase in costs than revenue growth in the accumulated period, evidencing an expansion with greater pressure on its cost structure, which directly impacted its profitability.

Biomm, in turn, recorded significant growth in both revenue and cost of goods sold, reflecting its operational expansion process. This behavior is characteristic of biotechnology companies, which have a high proportion of production costs. A similar situation, although less intense, was observed in Althaia and Cimed, particularly between 2021 and 2023, when costs grew more rapidly than revenues, challenging the maintenance of profit margins.

In contrast, Prati Donaduzzi and Teuto showed more moderate growth, with more effective relative cost control, albeit at a slower pace of expansion. The proportion of cost of goods sold in relation to net revenue revealed that Hypera, Eurofarma, and Aché maintained relatively stable proportions and at levels lower than the other companies. This suggests a greater capacity for cost control and pass-through, even in a scenario of inflationary pressure and exchange rate volatility.

In contrast, companies such as Biomm, Cimed, Blau, and Teuto presented higher proportions and, in some cases, increasing ones over the period, reflecting a greater sensitivity to variations in input costs. The period between 2020 and 2022 saw the largest fluctuations in the cost-to-revenue ratio, evidencing the impact of supply chain disruptions and the increase in raw material prices. From 2023 onwards, a greater stabilization of these indicators was observed in some companies, albeit at levels higher than in the pre-pandemic period.

In summary, the results indicate that, although the increase in input costs has affected the sector in a generalized way, the intensity of this impact varied among companies. This variation reflected differences in size, cost structure, and operational adaptation capacity. Such factors directly influenced the preservation of margins and economic-financial sustainability in the analyzed period, according to the literature of Assaf Neto (2003) and Iudícibus (2009) on the importance of cost management.

Analysis of economic-financial indicators

The analysis of economic-financial indicators allowed for the evaluation of the financial solidity and the generation of results of companies between 2019 and 2024, covering liquidity, leverage, profitability, and operational efficiency. Current liquidity ratios showed distinct behaviors. Some companies, such as Hypera and Cimed, presented a reduction in liquidity levels between 2020 and 2022, a period of greater pressure on working capital, with subsequent stabilization or recovery in the following years.

On the other hand, companies like Blau and Althaia showed a significant increase in current liquidity over the period, especially in the years 2021 and 2022, indicating a greater capacity to absorb short-term shocks. In contrast, Eurofarma demonstrated a continuous downward trend, reaching levels below one in 2024, which suggests a greater liquidity restriction at the end of the analyzed period. The analysis of quick liquidity reinforced the relevance of inventories in the operational structure of companies in the sector.

In general, a reduction in dry liquidity was observed in some companies over the period, especially between 2020 and 2022, indicating greater dependence on inventory for liquidity support. Companies such as Hypera, Cimed, and Eurofarma showed this behavior more evidently, while Blau and Althaia maintained relatively higher levels, suggesting a more liquid asset structure and less dependence on quick inventory sales to cover short-term obligations.

Regarding overall liquidity, the results indicated greater heterogeneity among companies, especially due to the long-term debt structure. Companies such as Prati Donaduzzi, Aché, and Teuto showed greater stability throughout the period, while others, like Hypera and Eurofarma, maintained indicators below one in most years. This highlighted a greater dependence on future cash generation to meet their long-term obligations, a critical aspect for financial sustainability.

In general, liquidity results indicated that, although most companies maintained short-term payment capacity, the period between 2020 and 2022 represented a time of greater pressure on liquidity. The impacts were differentiated according to the operational structure and working capital management of each company, highlighting the importance of adaptive financial management in scenarios of instability, as pointed out by Assaf Neto (2003) and Gitman (2004).

The leverage ratios revealed distinct trajectories in the participation of third-party capital. Some companies, such as Althaia and Cimed, showed a gradual reduction in the level of leverage over the period, converging to more moderate levels by 2024. In contrast, companies like Eurofarma and Aché demonstrated an increase in indebtedness over the years, especially from 2021 onwards, suggesting a greater use of third-party capital in their financing structures to support growth or investments.

In Blau’s case, high volatility was observed in the indicator of third-party capital participation, with a peak in 2020 and a subsequent reduction, indicating relevant changes in the capital structure over the period. Companies like Prati Donaduzzi and Teuto, on the other hand, showed a more consistent downward trend in indebtedness, signaling greater financial balance and less dependence on external resources by the end of the analyzed period, which gave them greater solidity in an environment of uncertainties.

In the composition of indebtedness, relative stability was observed for some companies, such as Hypera and Prati Donaduzzi, which maintained balanced proportions between short-term and long-term debts. On the other hand, companies like Cimed and Teuto showed an increase in the participation of short-term liabilities over the period, especially from 2022 onwards. This may indicate greater exposure to liquidity risks and the need for refinancing, a point of attention for financial management.

Eurofarma’s performance also stands out, as it showed a significant increase in the proportion of short-term debt in 2024, suggesting a substantial shift in its indebtedness profile. In contrast, companies like Aché and Althaia have reduced the proportion of short-term obligations over time, indicating a lengthening of their debt profile and, consequently, less immediate pressure on cash flow. This debt-lengthening strategy can provide greater financial flexibility.

Regarding the immobilization of net worth, the results indicated different financing strategies for permanent assets. Companies such as Hypera and Eurofarma presented increasing levels throughout the period, with indicators above one in several years, suggesting greater use of third-party capital to finance fixed assets. On the other hand, companies like Teuto, Cimed, and, more recently, Althaia showed a reduction in this indicator, indicating greater financial flexibility and less commitment of own capital to low-liquidity assets, which can be an advantage in periods of uncertainty.

In general, the indebtedness results show that, over the period from 2019 to 2024, there were relevant adjustments in the capital structure of companies. A reduction in indebtedness was observed in some cases and an increase in others, reflecting different financial strategies adopted in the face of the economic instability scenario. This diversity of strategic approaches is a key factor for understanding the sector’s resilience, according to the literature on capital management (Assaf Neto, 2003; Iudícibus, 2009).

Profitability Ratios evidenced the companies’ ability to generate results at different levels, revealing not only performance but also their stability. The joint analysis of margins showed relevant structural differences. Aché, Eurofarma, and Hypera maintained high and relatively stable gross margins, indicating strong value-adding capacity and greater control over production costs. In contrast, companies like Blau, Cimed, and Teuto presented greater volatility, especially from 2021 onwards, reflecting greater sensitivity to the increase in input costs.

At the operational level, greater dispersion was observed in margins. Hypera and Blau maintained high margins until 2022, with a subsequent reduction, while Prati Donaduzzi and Althaia showed positive evolution throughout the period, suggesting gains in operational efficiency. Cimed and Teuto, on the other hand, demonstrated greater instability, with a relevant deterioration in 2021 and partial recovery in the following years, which may indicate challenges in managing operational expenses during crisis periods.

On the net margin, financial and tax effects reinforced these differences. Hypera and Blau maintained good levels, although with a recent downward trend, while Eurofarma presented a more pronounced compression from 2023 onwards. Prati Donaduzzi, Aché, and Althaia showed greater stability, with Althaia’s recent improvement being noteworthy. Biomm, on the other hand, presented negative margins at all levels, reflecting its intensive research and development model, with greater cost pressure and a long-term focus.

Return indicators evidenced efficiency in resource utilization and profitability to the shareholder. A trend of reduction in Return on Assets (ROA) was observed in companies such as Hypera, Blau, and Eurofarma, indicating lower relative efficiency in recent years. In contrast, Prati Donaduzzi showed significant improvement, especially in 2024, while Althaia demonstrated recovery after 2022. Biomm maintained negative returns, consistent with its growth strategy based on high investments, which aligns with the literature on innovation-intensive business models (Casadesus-Masanell, 2004).

Return on Equity (ROE) showed greater volatility, reflecting the influence of capital structure. Aché, Prati Donaduzzi, and Hypera maintained positive and relatively consistent levels, while Blau presented high values in the initial years, with subsequent normalization. Althaia showed significant distortion in 2019, associated with patrimonial fragility, followed by stabilization. Biomm remained with negative ROE throughout the entire period, reflecting recurring losses and a high level of investment in R&D.

Operational efficiency indicators allowed for the assessment of asset utilization and working capital management. In terms of asset turnover, Prati Donaduzzi and Althaia presented higher levels in certain years, with a notable expressive growth for Prati in 2024. In contrast, Hypera and Biomm maintained lower turnovers, consistent with more asset-intensive models. Companies like Blau and Eurofarma showed a decreasing trend in the indicator over the period, suggesting that the expansion of the asset base was greater than revenue growth.

In receivables management, an improvement was observed in companies such as Hypera, Biomm, Prati Donaduzzi, and Cimed, which reduced their payment terms over time. On the other hand, Althaia and Teuto showed greater volatility, while Eurofarma and Aché maintained greater stability in the average collection period. Regarding the average payment term, the extension strategy adopted by companies like Cimed stood out, indicating greater use of suppliers as a source of financing. Biomm presented an atypical value in 2019, with subsequent normalization, while Hypera reduced its terms over the period. Aché, in turn, showed greater volatility, with a sharp drop in 2024, which may indicate changes in supplier management.

Inventory turnover indicated differences in operational management between the companies. Cimed and Althaia presented higher turnovers, suggesting greater efficiency in inventory rotation. On the other hand, Hypera, Aché, and Eurofarma maintained lower and stable levels, reflecting structural characteristics of the production model. Biomm showed improvement over the period, while Blau and Prati Donaduzzi indicated a downward trend in the indicator. The joint analysis of economic-financial indicators highlighted relevant differences between the companies regarding liquidity, capital structure, profitability, and operational efficiency, indicating that the sector’s efficiency is influenced by multiple factors.

Linear correlation analysis

In order to deepen the analysis of economic-financial performance, the relationship between selected indicators and macroeconomic variables, such as inflation (IPCA) and exchange rate (USD/BRL), was examined. The companies were classified into three groups according to the behavior of the indicators. Group A, composed of Hypera, Eurofarma, Aché, and Prati Donaduzzi, brought together companies with greater stability and maintenance of positive results. Group B, which included Blau, Teuto, Cimed, and Althaia, showed greater fluctuation in the indicators. Group C, on the other hand, was represented by Biomm, with persistently negative performance.

For Group A, the linear correlation coefficients indicated a low association between macroeconomic variables and performance indicators, both for Return on Assets (ROA) and for operating margin. This result suggests lower sensitivity to inflation and exchange rate variations, indicating a greater capacity to absorb external shocks and greater operational stability over the period. This reinforces the idea that financial discipline and strategic management can mitigate the impacts of external factors (Assaf Neto, 2003; Gitman, 2004).

In Group B, greater sensitivity to exchange rates was observed, especially in ROA and operating margin, with more relevant negative correlations. This behavior indicates greater exposure to exchange rate variations, possibly associated with dependence on imported inputs or a lower capacity to pass on costs. The relationship with the IPCA remained weak, suggesting a less direct impact of inflation on the performance of these companies, which can be explained by pricing mechanisms or sector-specific cost pass-through.

In Group C, represented by Biomm, the strong positive correlation between exchange rate and operating margin should be interpreted with caution, as it is associated with negative margins and high volatility. In this context, the coefficient loses explanatory power as an efficiency indicator, mainly reflecting the instability of results and high exposure to exchange rate variations, a characteristic of companies with high R&D investment and dependence on specific inputs.

In general, the correlation results show different levels of sensitivity to macroeconomic variables among the groups. This reinforces the understanding that economic-financial resilience in the pharmaceutical sector is associated with both operational structure and management capacity in the face of external shocks. The diversity of responses suggests that there is no single solution for financial sustainability, but rather a combination of internal and external factors that shape companies’ performance.

Qualitative analysis

The qualitative analysis complemented the quantitative results, seeking to interpret the different levels of economic-financial performance observed. The content analysis technique (Bardin, 2011) was used on the explanatory notes of the accounting statements. It was observed that companies in Group A, characterized by greater margin stability and operational efficiency, recurrently presented practices associated with financial discipline, cost control, and renegotiation with suppliers, in addition to investments in operational efficiency.

These findings corroborate the literature of Assaf Neto (2003) and Iudícibus (2009), who highlight efficient cost management and a balanced financial structure as central factors for economic-financial sustainability, especially in unstable environments. The ability to optimize assets and manage inputs was a differentiator for these companies, allowing them to absorb or pass on cost pressures more effectively.

In Group B, the results show intermediate strategies, combining efficiency initiatives with greater rigidity in the cost structure. The dependence on imported inputs and the presence of high fixed costs contributed to greater sensitivity to exchange rate variations. This finding aligns with the studies by Dias et al. (2016) and Santos et al. (2025), which point to the sector’s vulnerability to external dependence on inputs. The research complements this literature by showing that this dependence has a heterogeneous impact on companies, depending on their cost management and price pass-through capacity.

In Group C, represented by Biomm, greater volatility in results was observed, with negative margins and lower operational efficiency. Qualitative evidence indicates a strong presence of investments in Research and Development (R&D), a typical characteristic of biotechnology companies. This result aligns with the literature of Casadesus-Masanell (2004) and Salas-Fumás (2009), who highlight that business models intensive in innovation tend to present short-term result compression due to high investment, with potential long-term value generation.

In general, the findings of this research corroborate the literature by indicating that economic-financial sustainability does not depend exclusively on macroeconomic factors, but also on the internal strategies adopted by companies. The study advances by empirically evidencing, in the recent Brazilian context, that companies with greater financial discipline and operational flexibility present lower sensitivity to exchange rate and inflation fluctuations, which gives them greater resilience in adverse scenarios.

From a managerial perspective, the results suggest that practices such as strict cost control, renegotiation with suppliers, investments in operational efficiency, and balanced capital structure management are determinants for reducing exposure to macroeconomic shocks. Thus, the study contributes to decision-making by demonstrating that different business models imply distinct levels of financial resilience, especially in sectors with high dependence on imported inputs, such as the pharmaceutical sector.

In summary, the assessment of the economic-financial efficiency of Brazilian pharmaceutical companies between 2019 and 2024 revealed that organizations responded distinctly to a challenging environment of inflation, exchange rate volatility, and supply chain disruptions. The impacts were heterogeneous, with some companies preserving margins and operational efficiency, while others experienced greater volatility. The maintenance of efficiency was associated with financial discipline, cost control, working capital management, and operational flexibility, whereas dependence on imported inputs and rigid cost structures resulted in greater sensitivity to macroeconomic variations, evidencing that resilience is a combination of internal and external factors.

4. Conclusion

This study aimed to evaluate the economic-financial efficiency of companies in the Brazilian pharmaceutical sector between 2019 and 2024, a period marked by rising input costs, exchange rate volatility, and inflationary pressures. It was found that the impact of these factors on the organizations’ performance was heterogeneous, directly influenced by the cost structure, dependence on imported inputs, and adopted management strategies. It was observed that companies with greater financial discipline, cost control, and operational flexibility demonstrated greater resilience, managing to preserve profitability margins and operational efficiency. In contrast, organizations with more rigid structures or those intensive in research and development showed greater volatility in indicators, with short-term result compression. The main contribution of this work lies in the empirical evidence, in the recent Brazilian context, that economic-financial sustainability in the sector does not depend solely on macroeconomic factors but is strongly shaped by internal strategic decisions. From a managerial point of view, the findings suggest that practices such as rigorous cost control, renegotiation with suppliers, and balanced management of the capital structure are crucial to mitigate exposure to external shocks, offering a guide for decision-making in a sector with high dependence on imported inputs.

As limitations of the study include the restriction of the sample and the analyzed period, as well as the dependence on the availability and standardization of accounting information. Additionally, the use of nominal monetary values, without correction to a common base date, and the exploratory nature of correlation analysis, which indicates association and trend but not causality, represent points of attention. For future research, it is recommended to conduct more in-depth segmented analyses within the sector, incorporate additional operational and strategic variables, and apply more robust statistical methods to investigate and test possible causal relationships between macroeconomic variables and the economic-financial performance of companies. It is concluded that the economic-financial efficiency of Brazilian pharmaceutical industries results from a complex interaction between the macroeconomic environment and management strategies, with adaptability and financial resilience being central elements for business sustainability.

Bibliographic References

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Capanema, L.X.L. 2006. A indústria farmacêutica brasileira e a atuação do BNDES. BNDES Setorial 23: 193-216.

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Gadelha, C.A.G. 2003. O complexo industrial da saúde e a necessidade de um enfoque dinâmico na economia da saúde. Ciência & Saúde Coletiva 8(2): 521-535. Disponível em: <https://www.scielosp.org/article/csc/2003.v8n2/521-535/>. Acesso em: 10 set. 2025.

Magalhães, L.C.G.; Leal, J.C.; Safatle, L.P.; Aurea, A.P.; Tomich, F.A.; Silveira, F.G.; Barbosa, L.C.; Castro, B.R. 2003. Estratégias empresariais de crescimento na indústria farmacêutica brasileira: investimento, fusões e aquisições, 1988–2002. Ipea, Rio de Janeiro, RJ, Brasil.

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