New Delhi, Oct 25 (Bureau) Taking forward the Quad initiative on vaccines agreed to during the in-person summit in September, the US International Development Finance Corporation (DFC) and Biological E. Limited on Monday unveiled the expansion of Biological E.’s vaccine manufacturing facility in Hyderabad and finalized a US government financing arrangement formalizing $50 million to expand the company’s capacity to produce COVID-19 vaccines. The continued partnership will help bolster near-term COVID-19 response efforts and will also benefit long-term global health in India and throughout the Indo-Pacific region, said a press statement from the US consulate in Hyderabad. This work is in support of the historic commitment set out by US President Joe Biden and his counterparts in the “Quad” – Australia, India, Japan, and the United States.
To underscore the significance of the agreement under the Quad Vaccine Partnership, U.S. Chargé d’Affaires Patricia Lacina, U.S. Consul General Joel Reifman, Ministry of External Affairs Joint Secretary Vani Rao, Telangana Principal Secretary of IT & Industries Jayesh Ranjan, Japanese Consul General Taga Masayuki, and Australian Consul General Sarah Kirlew participated in the event in Hyderabad. “DFC’s partnership with Biological E will support capacity for production of more than one billion vaccine doses by the end of 2022 for India and for developing countries around the world,” said David Marchick, Chief Operating Officer, DFC. “Today’s agreement represents a model of the close collaboration among countries that will be essential to achieve President Biden’s goal of ending the pandemic in 2022. Scaling Biological E.’s new facility, which is already producing vaccines, will help close the vaccine gap and save lives in developing countries,” he added. “We are pleased with the financial support from the U.S. government, especially DFC, which was announced at the Quad Summit in March 2021,” said Mahima Datla, Managing Director, Biological E. Limited.
“This investment will not only help us augment our capacity to produce more COVID-19 vaccines, but also help the global community that has been relentlessly fighting against the spread of the COVID-19 pandemic,” she added. DFC’s investment in Biological E. Limited is part of the agency’s Global Health and Prosperity Initiative, which is focused on supporting the global response to the COVID-19 pandemic and strengthening health resilience in developing countries. Through the initiative, DFC is working to catalyze $5 billion in projects that bolster health systems, support infrastructure development, and expand access to clean water, sanitation, and nutrition. Several U.S. government agencies, including DFC, the Department of Health and Human Services, the U.S. Agency for International Development, and the National Security Council, have worked together to support Biological E.’s manufacturing. DFC and Biological E. have also collaborated with the Coalition for Epidemic Preparedness (CEPI), which provided early research and technical support for the company’s COVID vaccine efforts. U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. Biological E. Limited (BE), a Hyderabad-based Pharmaceuticals & Biologics Company, supplies its vaccines to over 100 countries and its therapeutic products are sold in India and the USA. BE currently has 8 WHO pre-qualified vaccines in its portfolio.