Thursday
October 28
2021

Press Release: DFC and Biological E. Limited Finalize Financing Arrangement To Expand COVID-19 Vaccine Manufacturing Capabilities in India

U.S. International Development Finance Corporation (DFC) COO David Marchick and Biological E. Limited Managing Director Mahima Datla today unveiled the expansion of Biological E.’s vaccine manufacturing facility in Hyderabad and finalized a U.S. government financing arrangement formalizing $50 million to expand the company’s capacity to produce COVID-19 vaccines. The continued partnership will help bolster near-term COVID-19 response efforts and will also benefit long-term global health in India and throughout the Indo-Pacific region. This work is in support of the historic commitment set out by President Biden and his counterparts in the “Quad” – Australia, India, Japan, and the United States.

To underscore the significance of the agreement under the Quad Vaccine Partnership, U.S. Chargé d’Affaires Patricia Lacina, U.S. Consul General Joel Reifman, Ministry of External Affairs Joint Secretary Vani Rao, Telangana Minister for IT and Industries K.T. Rama Rao, Japanese Consul General Taga Masayuki, and Australian Consul General Sarah Kirlew participated in the event in Hyderabad.

“DFC’s partnership with Biological E will support capacity for production of more than one billion vaccine doses by the end of 2022 for India and for developing countries around the world,” said David Marchick, Chief Operating Officer, DFC. “Today’s agreement represents a model of the close collaboration among countries that will be essential to achieve President Biden’s goal of ending the pandemic in 2022. Scaling Biological E.’s new facility, which is already producing vaccines, will help close the vaccine gap and save lives in developing countries.”

“We are pleased with the financial support from the U.S. government, especially DFC, which was announced at the Quad Summit in March 2021,” said Ms. Mahima Datla, Managing Director, Biological E. Limited. “This investment will not only help us augment our capacity to produce more number of COVID-19 vaccines, but also help the global community that has been relentlessly fighting against the spread of COVID-19 pandemic,” further said Ms. Mahima.

“I’m delighted that DFC is supporting CEPI’s vaccine development partner Bio E to increase their manufacturing capacity. International collaborations such as this to expand and diversify global manufacturing capacity are key to controlling COVID-19 and strengthening global health security for the benefit of the entire world,” said Dr. Richard Hatchett, CEPI Chief Executive Officer.

DFC’s investment in Biological E. Limited is part of the agency’s Global Health and Prosperity Initiative, which is focused on supporting the global response to the COVID-19 pandemic and strengthening health resilience in developing countries. Through the initiative, DFC is working to catalyze $5 billion in projects that bolster health systems, support infrastructure development, and expand access to clean water, sanitation, and nutrition.

Several U.S. government agencies, including DFC, the Department of Health and Human Services, the U.S. Agency for International Development, and the National Security Council, have worked together to support Biological E.’s manufacturing, bolstering President Biden’s global effort to end the pandemic. DFC and Biological E. have also collaborated with the Coalition for Epidemic Preparedness (CEPI), which provided early research and technical support for the company’s COVID vaccine efforts.

Under President Biden’s leadership, DFC’s financial tools are driving growth in vaccine manufacturing capacity in multiple regions, in large and small countries, and with different technologies. Already, DFC’s support is projected to facilitate capacity expansion to produce nearly 2 billion COVID-19 vaccine doses across the globe, with more projects in the pipeline. The agency is also working on expanding access to critical therapeutics and introducing medical equipment designed for low-resource environments.

Photo courtesy of Mufid Majnun.

Source: U.S. International Development Finance Corporation (link opens in a new window)

Categories
Coronavirus, Health Care
Tags
coronavirus, finance, global health, healthcare, manufacturing, sustainability, vaccines