IFC makes major loan to Jubilant Pharma
To boost generics production
An Indian pharmaceutical manufacturer is borrowing US$147.5m from the World Bank’s International Finance Corporation (IFC) to boost production of affordable generic medicines, especially for poorer consumers in India.
Jubilant Pharma, a subsidiary of India-based international pharma company Jubilant Life Sciences, manufactures in India, the US, and Canada.
The loan, according to the IFC, will help the company 'strengthen its generic drug manufacturing facilities in India'. Jubilant Chairman Shyam Bhartia added that it would 'strengthen our quality assurance and risk mitigation mechanisms and make the company systems more robust'. The IFC cited the 'urgent need to expand access to affordable and quality healthcare, especially among low-income communities'.