The Department of Health and Human Services' (HHS) Biomedical Advanced Research and Development Authority (BARDA) has partnered with the nonprofit Global Health Investment Corp. (GHIC) on a program meant to advance the use of venture capital practices to facilitate investments in medical technologies that could help prevent pandemics and other public health emergencies.
GHIC is expected to get from BARDA a minimum of $50 million over five years and up to $500 million over a decade through the BARDA Ventures program as it establishes a global health security fund to engage the investment community, HHS said Tuesday.
“Pathogens and health security threats constantly evolve and change. To effectively combat them, we need new and innovative ways to tap into the most novel and impactful ideas in the entrepreneurial community,” said BARDA Director Gary Disbrow.
“BARDA Ventures will rise to the challenge by engaging that community and leveraging both public and private funds to change the way we prepare for health security threats of the future,” Disbrow added.
GHIC will work with companies to help them develop and commercialize technologies that could help address health security threats and allow private investors to co-fund such tech platforms. The nonprofit organization will use the financial returns generated by medical tech systems to sustain the BARDA Ventures program and support future reinvestment opportunities.
The BARDA Division of Research, Innovation and Ventures will support the agency’s Ventures program with GHIC. Launched in 2018, DRIVe focuses on sensors and artificial intelligence-based technology systems to address health security threats and is teaming up with 37 companies through federal contracts. It is supporting early-stage companies in their product development efforts through its network of 13 accelerators.