The non-profit Global Health Investment Corporation (GHIC) will receive $50 million from the US government in a bid to attract $500 million in private investment in new technology to combat future pandemics, the Department of Health and Human Services (HHS) said on Tuesday.
A statement from the HHS characterized the project as a “new type of public-private partnership that enables investments using venture capital practices.”
“This partnership will allow direct linkage with the investment community and establish sustained and long-term efforts to identify, nurture, and commercialize technologies that aid the U.S. in responding effectively to future health security threats,” the release said.
GHIC plans to use the $50 million in seed capital to attract private investors to companies that are developing breakthrough technologies in pandemic mitigation, the release added.
GIHC’s Global Health Investment Fund has a history of accelerating the development and delivery of more than a dozen innovative products that address global health and pandemic threats, including diagnostics, vaccines, pharmaceuticals, and other medical products, according to the release.