The MoU was signed by an advisor to Iran's minister of health and head of the Brazilian Health Regulatory Agency.
One article in the MoU deals with easing Iran's presence in Brazil's medical equipment fairs.
The events are among the biggest fairs on medical devices in Latin America, and Iran's participation will be a step towards promoting its medical devices industry.
On the basis of the MoU, Iran will have an independent pavilion in the events in 2019.
Cooperation on regulatory and quality control is another article of the agreement.
Joint investment in manufacturing medical devices in Iran by sharing Brazil's technology with participation of private sectors of both countries were also agreed in the MoU.
In a relevant development on Tuesday, Iranian Foreign Minister Mohammad Javad Zarif and his Brazilian counterpart Aloysio Nunes in a meeting in Brasilia discussed ways to expand mutual cooperation, specially in the field of trade and economy.
During the meeting in the Brazilian capital, Zarif and Nunes underlined the need for boosting relations in the areas of energy, agriculture and pharmaceuticals.
The Iranian foreign minister called for balance in trade transactions between the two countries letting more Iranian companies to be present in Brazil.
Zarif also called for resolving banking problems and creating a new banking channel to felicitate trade and economy interactions between the two countries.
Joint cooperation to retail Iranian oil products and exchange of technical delegations to establish organized relations between Tehran and Mercosur (a trade bloc made up of Argentina, Brazil, Paraguay, and Uruguay) were among the other issues the two diplomats discussed in the meeting.
Also the two sides reviewed the latest regional developments, and exchanged views on the latest developments concerning the establishment of maritime and air routes between the two countries.
The Iranian foreign minister, who started his four-nation tour in African country of Senegal, arrived in Brazil late on Monday to follow up his economic diplomacy in South America.