Globally, the role of pharmacists is changing to a more patient centered, and biotechnological oriented role not covered by most of the current study programs. There is a need for specialization and, especially in Latin America (LA) according to the reports of many professional and academic associations, particular the Conferencia Panamericana de Educación Farmacéutica. COPHELA has developed and pilot implemented a COPHELA M.Sc. program in pharmacy that by increasing specialization and research in hospital, community and industrial pharmacy foster the development of pharmacy in LA in conjunction with EU. Two lines of specialization are offered: L1, centered in patient care and L2, centered in drug technology. The first is of application in community and hospital pharmacy and the second in industrial and hospital pharmacy. COPHELA has developed 14 innovative courses with the following four main characteristics: 1. a competence-based learning framework that fits in well with the highly heterogeneous regulations of the pharmacy profession in Latin America and thus can be of general application and use; 2. the program incorporates a significant part of fundamentals for research and participation in clinical trials; 3.using distance learning technology to avoid the access limitations of pharmacists working far from where the academic centers are; 4. the courses materials are offered for free so that we eliminate the economic barrier characterized by high costs of the traditional specialization courses that limit access to many LA pharmacists. COPHELA will also develop quality assurance tools to facilitate the recognition of the courses by academic institutions as well as by professional associations as the starting point for the research oriented programs such the doctorate or the development of post-registration continuous professional development. The courses are offered in Spanish and Portuguese as well as in English to facilitate comprehension in those with poor English in LA and for the validation in universities all around the world. The short-term impact has been the development of the MOOC methodology in all partners’ institutions and the enrollment of many pharmacists both in LA and in EU as well as the recognition of the courses by the International Pharmaceutical Federation, among others. The long-term impact will be a global improvement of LA and EU healthcare with more efficient pharmaceutical care and the evolution of the LA pharmaceutical industry. Last but not least, the impact of COPHELA has been the improvement in collaboration with LA in the fields of pharmacy education, healthcare and the pharmaceutical industry. As a result, the consortium is elaborating a Erasmus Mundus Joint Master Degree on Innovative Pharmacy.