Department of Health
and Human Services
HHS, GHIC Sign Venture Capital Deal Aimed at Public Health Emergencies
The Department of Health and Human Services has entered into a public-private partnership agreement with nonprofit organization Global Health Investment Corporation to build and commercialize technologies and medical products that will help the U.S. government respond to future health security threats.
The Biomedical Advanced Research and Development Authority’s venture arm has been tasked with leading the initiative.
Under current plans, BARDA Ventures will provide a minimum of $50 million in investment to GHIC for over five years. The venture unit is considering a $500 million investment for 10 years, Fierce Healthcare reported.
Through the venture capital from BARDA, which is part of the HHS Office of the Assistant Secretary for Preparedness and Response, GHIC will roll out a global health security fund with matching capital from other investors.
The fund seeks to establish a partnership with the investment community as well as to sustain efforts aimed at identifying, developing and marketing solutions that will respond to or prevent public health emergencies.
In a statement, HHS Secretary Xavier Becerra noted that the department is exploring how the government can better prepare for public health crises such as another pandemic or a bioterrorism incident.
Using the funding from BARDA Ventures, GHIC will provide investment to companies from around the world to work on products that have the capability to improve health security and generate financial returns.
As participating companies and their technologies generate investment returns, proceeds from BARDA Ventures funding will be returned to GHIC.
The nonprofit will then use the proceeds for reinvestment and for sustainment of the venture capital, HHS said.
Category: Federal Civilian
Tags: BARDA Ventures Biomedical Advanced Research and Development Authority Department of Health and Human Services federal civilian Fierce Healthcare funding Global Health Investment Corporation global health security health security threats HHS investment public health emergencies tech development threats venture capital partnership Xavier Becerra