BOGOTA, Columbia – Biotech companies in Brazil are stepping up their drug development efforts to compete in the local and global markets as their multinational peers scour the country in search of opportunities to create partnerships, merge or make acquisitions.

Regulators in Brazil and Argentina are among the slowest in Latin America when it comes to registering new devices. Complicated processes and a chronic shortage of staff have led to long delays in regulatory approvals. Regulators in Venezuela, a troubled market, are also among the slowest in the region.