NEW YORK – The Advanced Biomedical Research and Development Authority of the Department of Health and Human Services, or BARDA, has launched a new program to stimulate the development of technologies to combat future pandemics and health emergencies.
For the initiative, the BARDA Division of Research, Innovation and Ventures, or DRIVe, will support the BARDA Ventures program in collaboration with the Global Nonprofit Healthcare Investment Company.
According to a statement from HHS, BARDA Ventures provides GHIC with a minimum of $ 50 million over five years, and the potential for up to $ 500 million over 10 years. In turn, GHIC launches a global health security fund with capital associated with other investors.
DRIVe was founded in 2018 and has one mission use public-private partnerships to support the development of vaccines, therapeutics and diagnoses. Former BARDA director Rick Bright first called the company’s partnerships “a huge paradigm shift for the government” that allows it to “invest in truly early stages, transformative technologies that improve healthcare.”
HHS Secretary Xavier Becerra said in a statement that the new BARDA Ventures partnership is “an innovative and cost-effective approach” that puts the United States “on a better path to tackling the upcoming public health crisis and improving it. to the health of the United States. “
GHIC will now provide investments to companies that develop advanced technologies and structure investments with co-financing from additional private investors, according to HHS. As the technologies and companies generate investment returns, the proceeds from the BARDA Ventures funding will be returned to GHIC for the reinvestment and support of BARDA Ventures.
BARDA noted that GHIC has helped the development and delivery of more than a dozen products to address global health and pandemic threats, including diagnoses, as well as vaccines, therapies and other products.
BARDA director Gary Disbrow noted that pathogens and threats to health security are constantly evolving and changing. “To combat them effectively, we need new and innovative ways to exploit newer and more impactful ideas in the business community,” he said.
Responses to two public requests for information and “hundreds of discussions with venture capital experts in government and the private sector” were used to establish the BARDA Ventures partnership model, according to the statement.
GHIC has been chosen as a manager of non-profit partnerships because of a history of successful investments in venture capital in healthcare and life sciences.
BARDA first founded the Accelerator Antibiotic Resistant Bacteria Accelerator, or CARB-X, partnership with the National Institutes of Health and the Wellcome Trust, managed by Boston University.
Meanwhile, BARDA’s DRIVe program is in partnership with 37 companies under federal contracts and has a network of 13 accelerators in the United States to support early-stage companies including 154 healthcare product developers.
Sandeep Patel, director of DRIVe, said the program has a history of successful engagement with the business and research communities. The new initiative “commits them further to making an immediate impact on global health security,” he said.
This article was originally published in the sister publication of Modern Healthcare 360Dx.