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Restrições ao investimento estrangeiro na Área da Saúde são retiradas

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1/21/2015 10:00 PM Demarest News

Restrictions on Foreign Investment in the Brazilian Healthcare Industry are Lifted

On January 19th, 2015, President Dilma Rousseff enacted Law 13,097/2015 which essentially grants access to the foreign capital to the Brazilian healthcare industry  (the “New Law” and the “Industry”). It is therefore likely to bring important structural changes to the Industry, despite its sanctioning with several vetoes vis-à-vis the original text. From a technical perspective, the New Law, among other changes, completely shifted the original rules that were applicable to foreign investments, in order to grant to the foreign investors access to the Industry (which, under the old rules, with very few and economically irrelevant exceptions, was prohibited in terms of equity).

The changes were implemented through article 142 of the New Law, which expressly allows the direct and/or indirect participation - and also the corporate control - by investors in the Industry in several cases, among which “in entities that install and/or operate and/or explore general hospitals, including philanthropic ones, specialized hospitals, polyclinics, general practitioners and specialized clinics” (in other words, to the lion's share of this Industry).

The New Law also expressly provides the definition of “supporting health care activities” (e.g., activities developed by human genetics laboratories, production and supply of pharmaceuticals, laboratories of clinical, pathological and imaging diagnostic analysis). Such definition, which is different from the definition of the Industry services, in practice was already in force and was used to allow access to foreign investors to said supporting health case activities, but the enactment of an express official definition is extremely important to this industry. It brings clarity to the market and makes it clear that foreign investments in the supporting health care activities is welcome. 

The changes are enforceable as of the date of publication of the new law, that is, January 20th, 2015 and allow for a major shift in this Industry.

Infrastructure area
Demarest Advogados
Thiago Barbosa Sandim +55 11 3356-2085
Paulo Henrique Spirandeli Dantas +55 11 3356-2117
 1 This definition is not provided in the technical context. Please inform if you need further specific information. 

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