Companies / Brazil
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Libbs Receives New R&D Funding
March 2007 | Company News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Brazil's state-backed development bank has approved BRL15.8mn (US$7.3mn) financing for local drug maker Libbs Farmacêutica Ltda through the R&D arm of the Profarma pharmaceutical development programme. The National Bank for Economic and Social Development (BNDES) has awarded the funding for the development of five new medicines by the manufacturer as the government continues to pursue the wider goal of import substitution. At first glance, a state-financed import substitution policy may bode ill for importers. But Profarma and the recently announced Biotechnology Initiative may help steer local industry toward long-term growth based on legitimate generics and some researched based medicines rather