HHS's Biomedical Advanced Research and Development Authority is backing a partnership with a nonprofit to develop and commercialize tech, medical products and other health security threats.
The public-private sector partnership will enable investment using venture capital practices, according to a June 1 news release.
Five details:
- The development authority will provide nonprofit Global Health Investment Corp. a minimum of $50 million over five years, with a potential backing of up to $500 million over 10 years.
- Global Health will launch a global health security fund to match capital from outside investors. The partnership will create a public-private sector relationship to establish long-term efforts to develop and commercialize technology and aid the U.S. in effectively responding to future health security threats.
- HHS Secretary Xavier Becerra said: "While we tackle the pandemic’s impact, we’re exploring how the U.S. can better prepare for future public health emergencies, whether it’s the next pandemic or a bioterrorism incident. The pandemic has demonstrated that the U.S. needs transformative technology that is not only available but also widely accessible."
- With the funding, Global Health plans to provide investments to third-party companies developing breakthrough technologies. As the technologies and companies generate investment returns, proceeds from the development authority will be returned to Global Health for reinvestment and to sustain the development authority.
- Global Health has developed and delivered dozens of products that address global health and pandemic threats, such as diagnostics, vaccines and pharmaceuticals. These products have reached more than 100 million patients to support health while generating returns on invested capital.