News
23 March 2021
IFC invests $40m in pharmaceutical manufacturer Glenmark
In:
Social infrastructure
Region:
Asia-Pacific
The International Finance Corporation is investing in pharmaceutical manufacturer Glenmark to increase the availability of affordable and quality medicines in India and other countries, including treatments for COVID-19.
The $40 million (₹290 crore) loan, issued under IFC's $8 billion fast-track COVID-19 facility, will help the Mumbai-based company boost its generic drug production capacity.
The investment will allow them to focus on the production of quality, low-cost medicines. Glenmark produces generic drugs and active pharmaceutical ingredients — the chemical building blocks that are used in the manufacture of drugs — that have applications in oncology, cardiology, and dermatology, as well as for the treatment of respiratory illnesses.
