IFC Finances $16.5 million to MedGenome
IFC, a member of the World Bank Group invests $16.5 million (₹123 crore) in genetic diagnostics and research company, MedGenome, to increase access to Covid-19 testing, and support research to better help understand the virus, its variants and manage future outbreaks.
The company says that its equity investment will support the expansion of MedGenome’s diagnostic services, including Covid-19 testing, as well as boost genomic data from South Asian populations, which can help provide valuable insights into complex diseases and help develop effective medical solutions for diverse populations.
Sam Santhosh, Founder and Chairman, MedGenome says, “Fast, reliable and extensive testing is one of the most important steps to end the pandemic. India will not only need to handle future waves of the pandemic but also cater to millions of people who will continue to be affected by post-Covid illnesses. With IFC’s support, we will continue to expand our services across India, bringing tests directly to the communities most affected by the pandemic, and finding genetic variants that might be making some people more susceptible to severe Covid-19 infection and post-Covid illness.”
MedGenome is also working on genetic sequencing with research laboratories affiliated with the government of India in order to help monitor the evolution of the Coronavirus, identify new variants, and help develop effective treatments to contain the disease. In April, the company’s research effort led to a publication that identified gene variants that can influence people’s susceptibility to Covid-19.
Makhtar Diop, IFC, Managing Director says, “Our partnership with MedGenome comes at a critical time when India is facing an unprecedented crisis because of Covid-19. This investment will help increase access to reliable testing and monitoring of the virus, as well as identify life-saving treatments. Our overall aim is to help India strengthen its healthcare systems, build resilience, and ramp up recovery from the pandemic.”
The investment in MedGenome is part of IFC’s $4 billion (~₹29, 820 crore) Global Health Platform, which is providing financing to support the manufacturing and supply of vaccines, medical equipment, and therapeutics, as well as the logistics required to deliver vaccines and medications.
IFC is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
In the fiscal year 2020, it invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.