Afya

What Afya does

Afya is the largest medical education group in Brazil and the first medical education company in the world to list on NASDAQ (ticker: AFYA, 2019), with a secondary listing on B3 since 2023. The company operates 37 graduation units across 14 Brazilian states, of which 32 offer medical degree programs, serving over 25,000 enrolled medical students with a total of 3,753 approved medical school seats. Afya's full-lifecycle platform spans undergraduate medical education, continuing medical education across 70+ specialties at 25 postgraduate centers, residency exam preparation (Revalida, R1, R+), and digital clinical practice tools. The portfolio of digital products includes Whitebook (clinical decision support connected to 45,000+ clinics), iClinic (clinic management with 220,000+ monthly active physicians, positioned as the #1 clinical management tool in Brazil), Afya Receita PRO (intelligent digital prescription with WhatsApp integration), Glic (diabetes and hypertension patient care app), and Portal Afya (Brazil's largest medical content portal with 1.2M+ monthly visits and 300+ articles published per month). Approximately one in three physicians or medical students in Brazil uses at least one Afya solution.

Afya's business model combines tuition-based recurring revenue from undergraduate medical programs (R$3,697.3 million in FY2025, up 11.9% YoY), subscription revenue from continuing medical education and digital products, and B2B advertising revenue from pharmaceutical and healthcare companies. The B2B division operates a dedicated sales team delivering integrated marketing solutions (Awareness, Performance, CME) to enterprise clients including Pfizer, Novartis, Sanofi, Bayer, GSK, Novo Nordisk, Hypera, Biolab, Libbs, and Apsen, reaching 200,000+ monthly active physicians. GTM motions include direct field sales for campus-based education enrollment, a dedicated enterprise sales team for pharma, and product-led growth for digital tools distributed via app stores. The company was founded in 1999, is headquartered in Nova Lima/Belo Horizonte, Brazil, employs 5,001–10,000 people, and grew significantly through M&A including UNIGRANRIO (R$700M, 2021), RX PRO (2021), Além da Medicina (2022), Glic (2022), Unidompedro/Faculdade Dom Luiz (R$660M, 2024), and FUNIC (R$100M, 2024). FY2025 adjusted EBITDA reached R$1,680.3 million at a 45.4% margin, with record free cash flow of R$1,056 million and a Moody's AAA.br credit rating reaffirmed.

Name

Afya

Legal name

Afya Participações S.A.

Website

https://afya.com.br

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Afya is Brazil's largest medical education group, operating 37 campuses across 14 states with 32 offering medical degrees, serving 25,000+ students. It combines undergraduate medical education, 70+ postgraduate specialties, and a proprietary digital health ecosystem (Whitebook, iClinic, Receita PRO) reaching 350,000+ physicians.

Ownership category

akta.pro rank

Product category

Medical Education and Digital Health

NAICS

Software Publishers (5132), Software Publishers (513210), Advertising Agencies (541810)

SIC

Services-Prepackaged Software (7372), Services-Misc Health & Allied Services, Nec (8090)

akta.pro primary industry

Online Healthcare & Nursing Universities (Allied Health, RN-to-BSN, etc.) (EDAHALAF)

akta.pro secondary industries

Healthcare Clinical Professions (CME/CE for Nurses, Allied Health, Pharmacy) (EDAAALAC), Health Sciences & Nursing (EDAGABAF), Healthcare & Medical Licensure Exam Prep (USMLE/COMLEX, NCLEX, Dentistry, Pharmacy, PA) (EDANAIAA), Healthcare/Pharma Creative Agencies (MPAAAAAJ)

Keywords

• Medical education
• Digital health platforms
• Continuing medical education
• Clinical decision support
• Physician practice software

Headquarters

HQ city

Nova Lima

HQ country

Brazil

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Medical Education (Graduate Programs): Tuition fees from undergraduate medical programs across 32 campuses and other undergraduate degree programs. Revenue grew 11.9% YoY to R$3,697.3 million in full-year 2025. The company has 37 graduation units, 32 with medicine programs, and over 25,000 medical students enrolled.
2. Continuing Medical Education (CME): Revenue from postgraduate medical programs (70+ specialties), preparatory courses for medical residency exams (Revalida, R1, R+), mentorship programs, specialist title preparation, and short courses for practicing physicians. Offered across 25 physical centers and online.
3. Medical Practice Solutions (B2B): B2B marketing and advertising solutions for pharmaceutical and healthcare companies targeting physicians. Includes Awareness campaigns (banners, editorial, webinars), Performance solutions (digital prescription, CRM, audience segmentation), and CME sponsorship. Over 200,000 active physicians reached monthly.
4. Digital Products and Subscriptions: Subscription and usage-based revenue from digital clinical tools including Whitebook, iClinic, Afya Receita PRO, and Glic app, serving individual physicians and clinic operators across Brazil.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Afya operates Brazil's largest medical education and digital health ecosystem, providing undergraduate medical degree programs across 37 campuses, postgraduate and continuing medical education across 70+ specialties, and a portfolio of proprietary digital clinical tools (Whitebook, iClinic, Afya Receita PRO, Glic, CliqueFarma, Portal Afya) used by over 350,000 physicians. The company also offers integrated B2B marketing solutions for pharmaceutical and healthcare companies to reach its physician network through awareness campaigns, performance marketing, and CME sponsorship.

Product overview

Afya is Brazil's largest medical education and practice solutions ecosystem, combining undergraduate medical education across 37 units with digital tools and clinical practice solutions. The portfolio centers on the core medical education platform enhanced by owned digital products: Afya Whitebook (clinical decision support with AI), Afya iClinic (clinic management), Afya Receita PRO (intelligent prescription), Glic (diabetes/hypertension care app), CliqueFarma (pharmaceutical industry platform), and Portal Afya (continuing medical education portal with 1.2M monthly visits). The company offers 70+ postgraduate courses through 20+ units, exam preparation programs (Medcel, Mentoria Residência), and B2B solutions for pharmaceutical companies. Acquired brands including Além da Medicina (online education), RX PRO (physician-pharma platform), and various medical schools expand the ecosystem. The platform serves 350,000+ physicians with 1 in 3 Brazilian medical professionals using an Afya solution.

Differentiator

Problem solved

Functional benefit

Brands

• Afya Whitebook: Mobile application acting as an ally in studies and practice, providing quick and precise solutions based on curated and validated medical knowledge
• Afya iClinic
• Afya Receita PRO
• Glic
• Clique Farma
• Medcel
• Instituto Afya
• Afya CVC

Products and services

• Afya Whitebook Clinical decision support application for physicians that understands patient context and provides quick, precise solutions based on curated medical knowledge validated by leading physicians. Connected to over 45,000 clinics in Brazil.
• Afya iClinic Clinic management software providing electronic health records, prescription, patient relationship management, and AI capabilities for consulting rooms and clinics. Serves 220,000+ monthly active physicians as the #1 clinical management tool in Brazil.
• Afya Receita PRO Intelligent digital prescription platform supporting text, image, or voice input, compliant with Brazilian legislation, and integrated with WhatsApp for prescription sharing with patients.
• Glic Diabetes and hypertension care app providing patient monitoring and health management tools, integrating into Afya's physician-patient ecosystem. Acquired in May 2022 for R$22 million.
• CliqueFarma Digital platform connecting physicians with the pharmaceutical industry, providing prescription data and engagement capabilities for healthcare marketing.
• Portal Afya Brazil's largest medical content portal with over 1.2 million monthly visits, publishing 300+ articles per month, serving as the primary continuing medical education hub for physicians and medical students.
• Afya B2B Solutions Integrated marketing solutions connecting pharmaceutical and healthcare brands with physicians through awareness campaigns, digital prescription (CRM), audience segmentation, and continuing medical education sponsorship, reaching 200,000+ active physicians monthly.
• Medcel Medical education technology platform with AI applied to study, daily question practice, and humanized support for medical exam preparation including Revalida, R1, and R+ residency exams.
• Afya Graduação em Medicina Undergraduate medical degree programs across 37 graduation units (32 with medical programs) in 14 Brazilian states, serving over 25,000 medical students with active learning methodology from day one.
• Afya Pós-Graduação Médica Continuing medical education postgraduate programs across 70+ medical specialties, offered at 25+ centers in major Brazilian cities and capitals, with both online and in-person delivery formats.
• Mentoria Residência Strategic preparation program for medical residency exams featuring personalized study plans, periodic simulations, and performance analysis guided by mentors approved at top Brazilian medical institutions.

Quantifiable outcome

• 3,753 approved medical school seats across Brazil (largest in the country)
• +7 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Pacto Global da ONU — Rede BrasilcoreStrategic or Co-development Partner · 20 September 2024Afya partnered with the UN Global Compact Brazil Network, assuming a public commitment under SDG 3 (Good Health and Well-being) to provide 5 million free healthcare attendances by 2030. Afya also launched its Cause Project at an international UN Global Compact event in New York.
• MicrosoftcoreTechnology or Integration · 2 May 2024Afya launched an AI program for physicians in partnership with Microsoft in May 2024, integrating artificial intelligence capabilities into Afya's medical education and clinical practice ecosystem.
• PfizerminorGTM or Marketing PartnerPfizer is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms (iClinic, Whitebook, Afya Portal) for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• NovartisminorGTM or Marketing PartnerNovartis is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• SanofiminorGTM or Marketing PartnerSanofi is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• BayerminorGTM or Marketing PartnerBayer is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• GSKminorGTM or Marketing PartnerGSK is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• Novo NordiskminorGTM or Marketing PartnerNovo Nordisk is a pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• HyperaminorGTM or Marketing PartnerHypera is a Brazilian pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• BiolabminorGTM or Marketing PartnerBiolab is a Brazilian pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• LibbsminorGTM or Marketing PartnerLibbs is a Brazilian pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.
• ApsenminorGTM or Marketing PartnerApsen is a Brazilian pharmaceutical company partner in Afya's B2B marketing ecosystem, utilizing Afya's physician-facing digital platforms for awareness campaigns, CME sponsorship, and performance marketing targeting physicians.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Ser Educacional: Brazilian for-profit education company operating multiple higher education institutions including medical programs. Directly comparable as a peer in the Brazilian medical education market competing for students and approved seats.
• Yduqs (formerly Estácio Participações): One of Brazil's largest for-profit education groups with significant medical school presence (IDOMED acquisition). Directly competes with Afya in undergraduate medical education and continuing education segments.
• Anima Holding: Brazilian education group operating multiple higher education brands including medical programs. Comparable in business model and target market (Brazilian medical students), with a similar M&A-driven growth strategy.
• Memed: Brazilian digital prescription platform directly competing with Afya Receita PRO. Highly comparable in product offering (digital prescriptions) and target users (Brazilian physicians), though more focused on a single workflow.

Broad incumbents

• Cogna Educação: Brazil's largest education company with K-12, adult education, and higher education segments (Univeritas, Vasta). Broader incumbent in Brazilian education with some medical programs; comparable in scale and capital markets presence.
• Wolters Kluwer Health: Global medical publishing and clinical decision support company (UpToDate, Lippincott). Comparable in providing medical content and decision support to physicians, overlapping with Afya's Whitebook and CME offerings at global scale.
• Elsevier (RELX): Global leader in scientific and medical publishing and information analytics. Comparable in producing medical reference content and serving healthcare professionals, including ClinicalPath and practice tools.
• Medscape (WebMD): Leading global medical education and physician engagement platform with CME content, clinical news, and reference tools. Directly comparable to Afya Portal's content hub and physician engagement strategy.

Emerging players

• Doximity: US-based digital professional network for physicians with 2M+ members, offering physician directory, telehealth, and news. Comparable in physician-centric platform strategy, though geographic and product focus differs from Afya.

Others

• Pearson: Global education publishing and assessment company with significant medical and health sciences content. Comparable as a medical education and content publishing peer, though Afya is more institutionally focused and regionally concentrated.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/Afyaeducacional
• Facebookfacebook.com/afyaeducacional
• LinkedInbr.linkedin.com/company/afyamedicina
• Instagraminstagram.com/afya.oficial
• Xx.com/afyaeducacao

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Afya