São Paulo, Brazil, October 27, 2022— In a bid to increase access to vaccines and other medical products while also improving competitiveness of the local manufacturing sector in Brazil, IFC is providing a $150 million loan to Eurofarma, a regional manufacturer of prescription drugs, generic drugs, and medicines. This will help the country tackle the lingering impacts of COVID-19, build resilience to future health pandemics, and create jobs.
IFC's support will allow Eurofarma to fund a new greenfield manufacturing plant in Montes Claros, state of Minas Gerais, and will also contribute to increase production of COVID-19 vaccines in Itapevi, São Paulo State, where most of Eurofarma's production takes place today. With this investment, Eurofarma's new manufacturing structure will contribute to expanding access to health and create jobs in Brazil.
In addition, IFC will support Eurofarma on its digital transformation strategy through IFC's DigiPharma, an advisory package that helps pharmaceutical companies plan, finance, and implement successful digital transformation strategies.
"We are excited to be part of the IFC's ecosystem, an institution with very high credibility in the market. This is another step of our long-term journey, and partnerships like this only reinforce our commitment to making health increasingly accessible to society," said Alexandre Palhares, Eufofarma's Finance and Administration Vice president.
"In Brazil and in the rest of the Latin America and the Caribbean region, one of our key commitments is to invest in companies that manufacture quality and affordable pharmaceuticals. By supporting a key pharma player, IFC will help increase access to vaccines and medicines in the region and promote business sustainability. Most importantly, IFC's loan will encourage other players, strengthening market resilience and driving economic growth," said Carlos Leiria Pinto, IFC Brazil Country Manager.
IFC's investment, part of its Global Health Platform (GHP), reflects its systematic approach to the pharmaceutical sector in the Latin America and Caribbean region. A central pillar of the broader World Bank Group's response to COVID-19, GHP helps mobilize private investment to close the health care supply gaps in developing countries caused by the pandemic.
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 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About Eurofarma Group
For 50 years, the Eurofarma Group has been operating in the health sector, producing and selling products and services to improve people's quality of life. With diversified operations, it operates in all the major segments, such as Prescription, Non-Prescription, Generic, Hospital and Oncology Drugs. In Brazil alone, it offers more than 430 products, serving all medical specialties, covering more than 200 therapeutic classes, which represent 80% of the total market. The Eurofarma Group is present in more than 20 countries, with 10 production plants in Latin America. In 2021, it generated net sales of BRL 7 billion and employs more than 8,800 employees.
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