The Gates Foundation initially structured the fund and Gates believes that the Foundation can support early, high-risk product development, while GHIF can support companies more mature in their development that need help with late-stage development and commercialization of their products.
announcing the fund with Jamie Dimon, GHIF is one of the pioneers of global health investing, focused on a ‘double bottom line’ of health outcomes and financial returns. The fund targets $5-15M investments in innovative global health companies, and alongside the Gates Foundation, is backed by the IFC, GSK, Pfizer, Grand Challenges Canada, KfW and Merck, among others.
Firstly, we screen whether the product serves a need in low-resource settings, like sub-Saharan Africa or India, where I just returned from. Secondly, we screen whether the product has compelling financial prospects. Fortunately, if a product fails this second test, but we find it sufficiently compelling in terms of the first, we can send the opportunity to our colleagues at the Gates Foundation, who can pick up low-return but high-impact projects.
IanTech invented a device, the MiLoop, which is simple to use, inexpensive to make, and produces excellent clinical outcomes. Following our analysis of the product and due diligence on the company, we examined whether there was a market in the US for such a device. We also work closely with the Gates Foundation to evaluate projects and companies they have supported in the past. We have a continuous back and forth, that has led to numerous investments on both our parts. In addition, we receive referrals from our committee members and investors, and proactively track companies developing products in areas of interest to our fund.
We can use straightforward math to determine the number of lives likely saved or improved for pharmaceuticals and vaccines. For devices used to address something like cataracts, we know that each time it is used, a life is improved, making data gathering the most important part.
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