We measured the impact of mild to moderate hypoglycemic events occurring in ambulatory Type 2 Diabetes Mellitus (T2DM) patients, including healthcare consumption, productivity losses and disease management. HIPOS-PHARMA was a nationwide observational, cross-sectional, multicenter study performed from 4 April until 20 May 2016 in community pharmacies of Portugal, which surveyed T2DM patients under treatment for at least 3 months. A structured questionnaire was managed by pharmacists, including questions about awareness, prevalence and the impact of hypoglycemic episodes. Among those T2DM patients experiencing a mild to moderate hypoglycemic episode in the previous 3 months (17.8% out of 1890 surveyed T2DM patients) 9.1% required non-scheduled medical/nursing consultations and 9.4% reported absenteeism from work (mean loss of 1.5 working days) as a consequence of such events. In addition, almost a fifth (18.3%) not only required therapeutic modification, mainly dosage modification (68.9%), but also drug switch (18.0%) and temporary treatment interruption (8.2%). The recorded hypoglycemic events also led to a modification of self-monitoring of blood glucose levels in over a third of patients (38.3%; with a mean additional consumption of 2.7 blood glucose test strips). Furthermore, in our study, T2DM patients didn`t fully acknowledge when they were having a hypoglycemic episode (Always: 53.0%; Almost always: 27.1%; Sometimes: 11.1%; Rarely: 5.0%; Never: 3.8%) and that underreporting of these relevant events occurred with only 46.4% of patients reporting it to an healthcare professional (Physician: 80.7%; Pharmacist: 18.7%; Nurse: 17.4%; Other 1.9%). In this nationwide study we observed that mild to moderate hypoglycemic episodes are associated with healthcare consumption, productivity losses and changes in management of Diabetes. Furthermore, we also confirmed that there is a need for improvement in the communication between patients and healthcare professionals in order to increase patient awareness and reporting of diabetes-related hypoglycemic events.