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Glenmark Gets $40m IFC Loan

Glenmark Gets $40m IFC Loan

Source : 'Generics Bulletin'

Glenmark Pharmaceuticals Limited has been granted a $40m loan from the International Finance Corporation, a member of the World Bank Group, aimed at helping to increase production and improve access to drugs in India and elsewhere, including COVID-19 treatments.

The IFC said its investment in Glenmark represented “another step towards increasing availability of affordable and quality medicines in India and other countries, including treatments for COVID-19.”

The $40m loan has been issued under the IFC’s $8bn fast-track COVID-19 facility, and is intended to “help the Mumbai-based company boost its generic drug production 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,” the IFC explained.

A spokesperson for Glenmark said the company was “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,” the IFC insisted.

Jun Zhang, IFC's India country head, explained that the IFC’s response to COVID-19, “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,”. Zhang said. “Supporting Glenmark, a long-standing IFC client, will contribute to a competitive market, creating jobs and driving growth post-pandemic.”

Back in June 2016 the IFC had invested $75m in Glenmark’s foreign currency convertible bonds to finance expansion initiatives that included bolstering the firm’s research and development capabilities.

By David Wallace