President Nicolás Maduro announced a national plan to achieve pharmaceutical independence in Venezuela during a televised address from the University of Hydrocarbons in Miranda State.
The initiative spans 2025-2028 and forms part of Venezuela’s broader economic recovery strategy. Maduro emphasized the need for “reengineering” the healthcare system to counter global commercial practices affecting human and environmental health.
The president called for an integrated approach to healthcare that combines proper nutrition, physical activity, mental wellness, and a positive environment.
The “Pharmaceutical Engine” aims to guarantee domestic production of medicines and promote research with support from universities, industry, and private sector participation.
Venezuela currently imports about 85% of its pharmaceutical needs, creating severe shortages across the country. This plan emerges amid Venezuela’s complex economic situation.
Maduro Unveils Strategy for Venezuela’s Pharmaceutical Independence by 2028. (Photo Internet reproduction)
Once a leading oil exporter, the nation has experienced significant economic deterioration over the past decade. Healthcare infrastructure has collapsed, with hospitals operating at reduced capacity, often lacking electricity and water.
Venezuela’s Pharmaceutical Market
The pharmaceutical market remains heavily dependent on imports, primarily from Germany, the United States, Mexico, Brazil, and Cuba. Drug prices in Venezuela average $21.95, the highest in Latin America where the regional average sits at $7.86.
Venezuela has previously implemented extensive price controls on essential medicines. As early as 2007, the government maintained price freezes on over 1,000 medications designated essential by the World Health Organization.
The current healthcare crisis has caused widespread medicine shortages. Pharmacies report a 60% shortfall in available medications, forcing many Venezuelans to seek treatment abroad.
Maduro’s approach focuses on technological and productive independence to “supply, produce, and export with quality.” The plan aligns with broader efforts to revitalize Venezuela’s economy, which recently emerged from hyperinflation that reached over 400,000% in 2019.
Achieving pharmaceutical independence presents significant challenges. Venezuela continues to struggle with inflation, widespread shortages, and limited manufacturing capacity.
The success of this ambitious initiative could significantly impact access to essential treatments for millions of Venezuelans.