AFRICA – Multinational healthcare company Avacare Global is set to receive US$28.6M equity investment from the International Finance Corporation (IFC) to boost access to high quality, affordable healthcare products and services across Africa.
Avacare Global is an integrated holistic provider of healthcare products, services and solutions, focused on research, development, manufacture, marketing, and distribution of pharmaceuticals, medical consumables, devices, equipment, and diagnostics as well as vaccines and biologics.
Established in 1996, Avacare has a footprint across 25 countries worldwide with access to more than 50% of the African population in 18 African countries. The company also provides education and training of clinical staff on the African continent with the aim to increase capacity in the delivery of care.
Avacare will use IFC’s investment to expand its manufacturing base, both organically and through acquisitions, in East and Francophone Africa along with distribution of pharmaceutical and healthcare products including generic drugs in Africa.
The funding will further support Avacare, a leading Pan-African pharmaceutical distributor and manufacturer, in playing the critical role of providing access to affordable and innovative treatments to underserved populations in Africa.
In addition, the financing will help Avacare to strengthen its position in existing markets including Botswana, Eswatini, Kenya, Lesotho, Namibia, Zambia, Ethiopia and Zimbabwe while venturing into new markets across the continent.
The investment will allow Avacare Health to further expand its footprint on the African continent in line with Avacare’s mission to make a sustainable difference in the lives of people on the African continent through innovative, quality, affordable, holistic healthcare products, services and solutions.
Moreover, IFC’s partnership with Avacare comes at a time when Africa must build and reinforce its production capabilities to address the increasing local demand for medicines and vaccines and meet the urgent need for these items especially in the wake of COVID-19.
IFC will use its market knowledge and networks to facilitate the transfer of crucial knowledge to Avacare from companies with global pharmaceutical and healthcare experience to support the company’s growth plans across Africa.
IFC will also provide support to Avacare in line with its strategy to acquire existing health sector companies in select African markets through the partnership as Avacare increases access to items that are essential in the fight against the disease for improved health care.
Additionally, IFC’s investment falls under IFC’s Global Health Platform which mobilizes private investment to help bridge the massive healthcare supply gaps in emerging markets exacerbated by the COVID-19 pandemic.
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