Bogota, Colombia, September 13, 2017
—IFC, a member of the World Bank Group, agreed to make an equity investment
in the Procaps Group, a leading Colombia-based pharmaceutical company,
to support its expansion to new markets and promote access to affordable
pharmaceuticals and healthcare products in Colombia and other Latin American
Procaps is a leading manufacturer of high-quality
medicines with activities ranging from product development to pharmaceutical
production and distribution in several countries throughout Latin America,
including Colombia, Brazil and El Salvador. The Procaps Group’s strength
lies in its ability to leverage its significant expertise in softgel capsule
technologies to develop and manufacture pharmaceutical products, including
generics. Its Colombian facilities are the first to be approved by the
US-FDA in Latin America.
Softgel capsules are an advanced delivery
system that allows for wider formulations, precise dosage, and stability
of formulations. In addition, since softgel capsules require specialized
manufacturing technologies, they cannot be easily counterfeited.
IFC funding will help the company increase
access to quality affordable products through increasing production capacity
and efficiency of its manufacturing plants, acquiring new brands and increasing
the Group’s M&A headroom.
“We are extremely pleased to have IFC as
a partner in Procaps,” said Ruben Minski, president of Procaps. “This
partnership with IFC will help us increase our production of quality and
affordable products across the region and expand our reach to even more
patients in the region,” he said.
IFC’s investment seeks to improve access
to quality affordable pharmaceutical products, which remains a challenge
across Latin America, including in Colombia. Quality generics are often
difficult to access or unavailable, and inefficient supply chains are further
driving up costs for both patented and generic products.
“This support for a leading pharmaceutical
company such as Procaps will improve access to high quality affordable
medicine and demonstrates IFC’s capacity to invest in and partner with
private companies that are driving the economic development of Colombia
and the region,” said Carlos Pinto, IFC’s manager for the Andean region.
The investment fits within IFC’s broader
strategy of improving the supply of high-quality medical products in developing
countries by helping manufacturers and distributors grow and enter new
markets. IFC is the world’s largest multilateral investor in private healthcare,
managing an active portfolio of about $1.3 billion worth of health investments.
IFC investments in service providers, pharmaceuticals and medical technology
are aimed at promoting greater access to affordable, high-quality healthcare
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.
About Procaps Group
Founded in 1976 in Barranquilla, Colombia,
the Procaps Group is a growing pharmaceutical group. The Procaps Group
focuses its operations in Latin America with, presence in Colombia, El
Salvador, Brazil, as well as other countries in the Andean region and Central