Press Release: IFC Partners with SteinCares to Improve Access to Specialty Healthcare in Latin America
The International Finance Corporation (IFC), a member of the World Bank Group, announced a direct equity investment in Stein Holding Group (“SteinCares”), one of Latin America’s leading specialty healthcare companies. The investment will enable SteinCares to expand its geographical footprint, enhance its portfolio of innovative and biosimilar medicines, and provide greater access to unmet specialty healthcare needs.
“Having IFC on board will allow us to create even more opportunities for patients and support our ambitious business strategy to expand our footprint in the region. We look forward to working with IFC to further advance our efforts to improve patient access to the best available therapeutic options and cost-effective medicines,” said Mitchell Waserstein, CEO of SteinCares.
The company’s CEO also noted that following IFC’s direct equity investment, SteinCares will boost its position as a bridge between the most innovative pharmaceutical companies and healthcare providers in the region, bringing innovation along with significant savings to payors in the region.
“Aligned with our objective of promoting inclusion, IFC’s participation in SteinCares will help meet the growing demand for quality and affordable healthcare in Latin America, while benefiting small and medium enterprises that are part of the regional pharmaceutical industry supply chain,” said Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean.
Globally, it is estimated that 100 million people fall below the poverty line each year because of high healthcare costs. According to an IFC study of the pharmaceutical sector, investing in local drug manufacturing and distribution companies is key to addressing the low availability and high cost of medicines, as it encourages competition and contributes to the integration and efficiency of supply chains.
Source: International Finance Corporation (link opens in a new window)
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