Domestic drugmaker Glenmark gets $40 million covid credit line from IFC

International Finance Corporation on Tuesday 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.

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.

"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.

Supporting Glenmark will contribute to a competitive market, creating jobs and driving growth post-pandemic, Jun added.

IFC is the largest global development institution focused on the private sector in emerging markets, working in over 100 countries. In fiscal 2020, it invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.