IFC and Genomma Lab Sign Multi-Currency Long-Term Loan to Boost Access to OTC Medicines in Latin America and the Caribbean Region
January 09, 2023 at 04:39 pm EST
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To increase access to high quality and affordable medicines in Latin America and the Caribbean Region and address the impact of the COVID-19 pandemic at a global scale, IFC is providing a USD 60 million multi-currency long-term loan to Genomma Lab Internacional, S.A.B. de C.V. 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 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 USD 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.
Genomma Lab Internacional SAB de CV is a Mexico-based over-the-counter pharmaceutical (OTC pharmaceutical), generic drugs (GD) and personal care products company. The Company is engaged in the development, distribution and marketing of a range of products within different brands, for such treatments as anti-acne, varicose vein, hair loss, sexual stimulation and influenza; as well as analgesics and antifungals. The Companyâs product portfolio includes such brands as Asepxia, Cicatricure, Goicoechea, Bengue, Diabet TX, Genoprazol, Goicotabs, Shot B, SilkaMedic, Siluet 40, Nikzon, X Ray, Next, Touch Me, Lomecan V and QG5, among others. The Company is a parent of a number of controlled entities, which have operations established in Mexico, the United States, Peru, Chile, Ecuador and Honduras, among others. In June 2014, the Company acquired 50% stake in Grupo Comercial e Industrial Marzam SA de CV.
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V. 
