The funding will be used to support research into and the development of biosimilar drugs
The European Investment Bank (EIB) is lending â‚¬45m to Polpharma, the largest Polish manufacturer of pharmaceuticals, to support the company's research into and development of biosimilar drugs.
This is the first EIB operation in Poland to be supported by InnovFin â€“ EU Finance for Innovators, a new generation of financial instruments for innovative and growth companies, with the financial backing of the European Union under Horizon 2020.
Polpharma aims to provide patients with wider access to modern biological drugs and also to address unmet medical needs in diseases such as cancer, Crohnâ€™s disease, multiple sclerosis and rheumatoid arthritis.
The project will be implemented at the companyâ€™s facilities in Poland, safeguarding and creating employment opportunities for the skilled workforce in the country. Given Polpharmaâ€™s collaboration with universities, the knowledge acquired through the research activities will also be widely disseminated across Europe.
LĂˇszlĂł Baranyay, EIB Vice-President responsible for lending in Poland, said: 'We are pleased to be partnering with Polpharma in this breakthrough operation.
'Polpharma is a role model for our support for fast growing, innovative and expanding companies in Poland. Projects such as this strengthen the competitiveness and boost the innovative capacity of European health-related industries and businesses.'
Jan Faryaszewski, Vice-President of Polpharma Pharmaceutical Works, added: 'Polpharma's business goals are in line with the EIBâ€™s strategy of supporting innovative projects over the long term. We believe that our partnership will contribute to faster development of biological drugs that are important for patients.'
Over last five years, the EIB has provided around â‚¬10bn for healthcare investment. It is committed to promoting projects in this area both by supporting the modernisation and development of hospitals and medical centres and by boosting research, development and innovation in the areas of medical technology, biotechnology and the pharmaceutical industry.