The collaboration between the IFC (International Finance Corporation) and MedGenome Labs will help researchers better understand the virus and its mutations, as well as manage future outbreaks.
In order to expand access to COVID-19 testing in India, the International Finance Corporation (IFC), a member of the planet Bank Group, will invest $16.5 million (about Rs.123 crores) in the genetics diagnostics and research firm ‘MedGenome.'
In a joint statement released on July 15, 2021, IFC and MedGenome announced that their agreement will increase access to testing while also supporting research to better understand the virus, its variations, and control future outbreaks.
The collaboration between IFC and MedGenome comes at a crucial time for India, which is dealing with an unprecedented catastrophe as a result of the COVID-19 pandemic.
• The IFC financing will help MedGenome expand its testing services. It would also boost genetic data from South Asian populations, which will aid in the discovery of new insights into complicated disorders and the development of effective medical solutions for a wide range of people.
• MedGenome will be able to expand its services across India, offer tests directly to the populations most affected by the pandemic, and identify genetic variants that may render some people more vulnerable to severe infections and COVID-related illness.
• Increased access to trustworthy testing and monitoring of the deadly virus will be made possible as a result of the expenditure. It will also assist in the discovery of life-saving medications.
Global Health Platform of the IFC:
The recent investment in MedGenome is part of IFC's $4 billion Global Health Platform, which provides funding for vaccines, medicines, and medical treatments supply and production. It will also help with the logistics of delivering immunizations and treatments.
The overarching goal, according to IFC Managing Director Makhtar Diop, is to assist India in improving its healthcare systems, building resilience, and accelerating recovery from the COVID-19 pandemic.
The International Finance Corporation (IFC) is a financial services company based in:
The International Finance Corporation (IFC) is a renowned worldwide development organisation that focuses on the private sector in underdeveloped countries.
By fostering and boosting the expansion of the private sector in diverse developing countries, the institution fosters economic development and improves people's lives.