International Finance Corporation (IFC) has said Glenmark Pharmaceuticals has become the first domestic drugmaker to get a $40-million (about Rs 290 crore) credit-line from its $8-billion fast-track Covid-19 facility. The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic.
The World Bank Group lender said the $40 million-loan is under its $8-billion fast-track Covid-19 facility and will help the Mumbai-based company boost its generic drug production capacity in general and respiratory drugs in particular. IFC’s partnership with Glenmark began way back in 2016, supporting its expansion and growing its research and development capacities. “We are proud to partner with Glenmark once again towards an inclusive and resilient recovery,” the lender said.
A Glenmark spokesperson said with this credit line they will be able to work with the IFC to help improve access to life-saving drugs as this investment will help them improve the production of quality, and offer low-cost medicines to the needy.
Glenmark produces generic drugs and active pharmaceutical ingredients, which have applications in oncology, cardiology, and dermatology, as well as respiratory illnesses.
“Our Covid-19 response, in India and globally, aligns with our continued focus on healthcare, and commitment to respond effectively to an unprecedented crisis. One of our priorities here is to support the nation’s efforts to close development gaps,” said Jun Zhang, IFC India country head.