This is IFC’s first multi-currency investment in the pharmaceutical industry anywhere in the world. The loan is expected to be disbursed in Chilean pesos, Colombian pesos, Peruvian soles, Mexican Pesos and U.S. dollars, to fund the company’s working capital needs across Latin America. IFC’s loan will help Genomma expand across LAC as well as increase the supply of affordable over-the-counter medicines and personal care products across the Region and leveraging Genomma’s state-of-the-art manufacturing complex.
Under its Global Health Platform (GHP), IFC’s current investment is part of a systematic approach to the pharmaceutical sector in the region. A central pillar of the broader World Bank Group’s response to COVID-19, GHP is a US$4 billion IFC program, which helps mobilize private investment to close the health care supply gaps in developing countries caused by the pandemic and to build resilient health systems.
Large segments of the population in Latin America and the Caribbean region do not have access to adequate health care insurance. An effective solution is Over-the-counter medicines (OTC), which represent an accessible source of health care globally. The OTC market is expected to increase more than 35% from 2020 to 2030. Though COVID-19 has further spurred the sector’s growth, there are clear opportunities to expand access to OTC medicines.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
Genomma Lab Internacional, S.A.B. de C.V. is one of the fastest growing pharmaceutical and personal care products companies in Latin America with an expanding international presence.