Glenmark becomes first national pharmaceutical company to obtain COVID line of credit from IFC

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Bombay: The International Finance Corporation (IFC) said on Tuesday that Glenmark Pharmaceuticals became the first domestic drug maker to raise $ 40 million (approx. ??290 crore) of its $ 8 billion COVID-19 accelerated line of credit.

The loan to Glenmark will help it increase the availability of affordable and quality medicines in the country as well as in other countries, including treatment for the pandemic.

The World Bank Group lender said the $ 40 million loan is part of its $ 8 billion COVID-19 fast-track installation and will help the Mumbai-based company increase its drug production capacity generics in general and respiratory medications in particular.

IFC’s partnership with Glenmark began in 2016, supporting its expansion and increasing its research and development capabilities.

“We are proud to partner again with Glenmark for an inclusive and resilient recovery,” said the lender.

A Glenmark spokesperson said that with this line of credit, they will be able to work with IFC to help improve access to life-saving medicines, as this investment will help them improve quality production and bring medicines to the public. low cost to the needy.

Glenmark produces generic drugs and active pharmaceutical ingredients, which have applications in oncology, cardiology and dermatology, as well as in respiratory diseases.

“Our response to COVID-19, in India and around the world, aligns with our continued focus on healthcare and our commitment to respond effectively to an unprecedented crisis. One of our priorities here is to support the country’s efforts to close the development gap, ”said Jun Zhang. , Country Manager IFC India.

Supporting Glenmark will contribute to a competitive market, job creation and post-pandemic growth, Jun added.

It may be noted that in June 2016, IFC invested $ 75 million in Glenmark convertible foreign currency bonds to finance its expansion and help increase its research and development capacity.

The latest investment is part of IFC’s ongoing work to help countries rebuild better after the pandemic, including its Global Health Platform which supports improved access to essential health supplies, services and medicines in countries. in development.

In December, IFC provided a $ 30 million loan to Hyderabad-based vaccine maker Biological E (BioE) to help expand access to low-cost vaccines for children in developing countries and also help increase the production of a COVID-19 vaccine when developed. But that funding was not coming from his COVID line of credit.

BioE, which has benefited from IFC loans since 2017, mainly supplies its vaccines to developing countries through Unicef ​​and Gavi, the Vaccine Alliance. It has vaccinated more than 2 billion children worldwide, according to the IFC statement.

BioE produces more than 500 million doses of pediatric vaccines per year and is supplied to more than 130 countries each year.

IFC is the world’s largest private sector-focused development institution in emerging markets, working in more than 100 countries. In FY2020, it invested $ 22 billion in private businesses and financial institutions in developing countries, harnessing the power of the private sector to end extreme poverty and boost shared prosperity.

Glenmark is a global research-driven pharmaceutical manufacturer with a presence in generic, specialty and OTC businesses with operations in more than 50 countries. Its main therapeutic areas are respiration, dermatology and oncology.

This story was posted from a feed with no text editing. Only the title has been changed.

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