This paper analyses the evolution of graduate programs in the Pharmaceutical Sciences in Brazil. It presents Capes evaluation data from the the last 20 years, giving special focus to the 2001-2003 evaluation period. Compared to the previous evaluation period (1998-2000), there was a significant expansion (about 40%) in the number of doctoral programs. The analysis of intellectual production, measured by the number of scientific papers published in qualified journals (Capes Qualis System), revealed an increase of more than 75% in the number of articles qualified as International A. This paper discusses the evolution of the graduate system in the context of the increasing demands of the academic, industrial and health services sectors. It also examines the relationship between graduate and undergraduate study and points out critical questions pertaining to the expansion of the graduate system.