IFC's direct equity investment will accelerate SteinCares' geographical growth and strengthen its portfolio of innovative and biosimilar medicines.
San José, Costa Rica, May 24, 2023—The International Finance Corporation (IFC), a member of the World Bank Group, announced a direct equity investment in Stein Holding Group ("SteinCares"), one of Latin America's leading specialty healthcare companies. The investment will enable SteinCares to expand its geographical footprint, enhance its portfolio of innovative and biosimilar medicines, and provide greater access to unmet specialty healthcare needs.
"Having IFC on board will allow us to create even more opportunities for patients and support our ambitious business strategy to expand our footprint in the region. We look forward to working with IFC to further advance our efforts to improve patient access to the best available therapeutic options and cost-effective medicines," said Mitchell Waserstein, CEO of SteinCares.
The company's CEO also noted that following IFC's direct equity investment, SteinCares will boost its position as a bridge between the most innovative pharmaceutical companies and healthcare providers in the region, bringing innovation along with significant savings to payors in the region.
"Aligned with our objective of promoting inclusion, IFC's participation in SteinCares will help meet the growing demand for quality and affordable healthcare in Latin America, while benefiting small and medium enterprises that are part of the regional pharmaceutical industry supply chain," said Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean.
"Aligned with our objective of promoting inclusion, IFC's participation in SteinCares will help meet the growing demand for quality and affordable healthcare in Latin America, while benefiting small and medium enterprises that are part of the regional pharmaceutical industry supply chain," said Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean.
Globally, it is estimated that 100 million people fall below the poverty line each year because of high healthcare costs. According to an IFC study of the pharmaceutical sector, investing in local drug manufacturing and distribution companies is key to addressing the low availability and high cost of medicines, as it encourages competition and contributes to the integration and efficiency of supply chains.
About SteinCares
SteinCares is a leader in the commercialization and distribution of specialty healthcare products in Latin America, including innovative pharmaceuticals, biosimilars and complex generics. With more than 40 years of progressive healthcare experience and a presence in 24 countries in Latin America and the Caribbean, SteinCares serves as a bridge between the world's pharmaceutical companies and the region's healthcare providers. For more information, please visit www.steincares.com.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its 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, please visit www.ifc.org.
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SteinCares is a leader in the commercialization and distribution of specialty healthcare products in Latin America, including innovative pharmaceuticals, biosimilars and complex generics. With more than 40 years of progressive healthcare experience and a presence in 24 countries in Latin America and the Caribbean, SteinCares serves as a bridge between the world's pharmaceutical companies and the region's healthcare providers. For more information, please visit www.steincares.com.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its 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, please visit www.ifc.org.
Stay Connected
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.linkedin.com/company/ifc-américa-latina-y-el-caribe
www.facebook.com/IFCwbg
www.instagram.com/ifc_org/
www.youtube.com/IFCvideocasts
www.twitter.com/IFC_org
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