New Delhi, India, March 23, 2021—IFC, a member of the World Bank Group, is investing in pharmaceutical manufacturer Glenmark, another step towards increasing availability of affordable and quality medicines in India and other countries, including treatments for COVID-19.
The $40 million (₹290 crore) loan, issued under IFC's $8 billion fast-track COVID-19 facility, will help the Mumbai-based company boost its generic drug production capacity.
A Glenmark spokesperson said that the company is very pleased to be able to work with IFC to help improve access to needed drugs. This investment will allow them to focus on the production of quality, low-cost medicines.
Glenmark produces generic drugs and active pharmaceutical ingredients—the chemical building blocks that are used in the manufacture of drugs —that have applications in oncology, cardiology, and dermatology, as well as for the treatment of respiratory illnesses.
"IFC's COVID-19 response, in India and globally, aligns with its continued focus on healthcare, and commitment to respond effectively to an unprecedented crisis. One of our priorities in India is to support the nation's efforts to close development gaps," said Jun Zhang, IFC's India Country Head. "Supporting Glenmark, a long-standing IFC client, will contribute to a competitive market, creating jobs and driving growth post-pandemic."
In June 2016, IFC invested $75 million in Glenmark's Foreign Currency Convertible Bonds to finance the company's expansion and help grow its research and development capacity. The latest investment is part of IFC's ongoing work to help countries build back better from the Coronavirus pandemic, including the Global Health Platform that supports improved access to critical healthcare supplies, services, and medicines in developing countries.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we 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. For more information, visit www.ifc.org.
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About Glenmark Pharmaceuticals Ltd
Glenmark Pharmaceuticals Ltd. (GPL) is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries. Glenmark's key therapy focus areas globally are respiratory, dermatology and oncology. It is ranked among the top 80 Pharma & Biotech companies of the world in terms of revenue (SCRIP 100 Rankings published in the year 2019). The company has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets for the third consecutive year in a row. DJSI is one of the world's most respected and widely accepted sustainability benchmarks globally with only the top-ranked companies in terms of Corporate Sustainability within each industry are featured in the index. For more information, visit www.glenmarkpharma.com
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