International Finance Corporation invests $16.5 million in MedGenome to speed up COVID-19 testing in India

IFC and MedGenome Labs partnership will provide support to research to better help understand the virus, its variants as well as manage future outbreaks.

Created On: Jul 15, 2021 17:22 ISTModified On: Jul 15, 2021 18:25 IST
COVID-19 testing in India
COVID-19 testing in India

The International Finance Corporation (IFC), a member of the World Bank Group, will be investing $16.5 million (around Rs. 123 crores) in genetics diagnostics and research company ‘MedGenome’ in order to increase access to COVID-19 testing in India.

IFC and MedGenome in an official statement on July 15, 2021, stated that the partnership between the two, apart from increasing the access to testing, will also provide support to research to better help understand the virus, its variants as well as manage future outbreaks.

The partnership between IFC and MedGenome has come at a critical time when India has been facing an unprecedented crisis because of the COVID-19 pandemic.

Significance:

•  The investment by IFC will support the expansion of MedGenome’s diagnostic services. It will also boost the genomic data from South Asian populations, which can further help in providing valuable insights into complex diseases and will also help in developing effective medical solutions for diverse populations.

•  MedGenome will be able to expand its services across India, bring tests directly to those communities that are most affected by pandemic, as well as find genetic variants that might make some individuals more susceptible to severe infections and post COVID- illness.

•  The investment will further facilitate increased access to reliable testing and monitoring of the deadly virus. It will also help in identifying life-saving treatments.

IFC’s Global Health Platform:

The latest investment in MedGenome is part of IFC’s $4 billion Global Health Platform, which provides financing to support the supply and manufacturing of vaccines, therapeutics, medical treatments. It will also assist logistics that are required to deliver vaccines and medications.

According to the Managing Director of IFC, Makhtar Diop, the overall aim is to help India in strengthening its healthcare systems, build resilience, and speed up recovery from the COVID-19 pandemic.

About International Finance Corporation:

IFC is a leading global development institution that focuses on the private sector in developing countries.

The institution advances economic development and improves the lives of the people by encouraging and boosting the growth of the private sector in various developing countries.

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