IFC Launches TechEmerge, to Accelerate the Adoption of Health Technology Innovations in Emerging Markets
WASHINGTON, Jan. 13, 2016 /PRNewswire/ -- IFC, a member of the World Bank Group, has launched TechEmerge, a new program offering matchmaking and funding to companies with proven innovations for emerging markets. The pilot phase of this program will focus on health in India, and IFC is seeking applications from technology companies interested in scaling their business in this market. Applications can be submitted at www.techemerge.org through March 6, 2016.
TechEmerge will identify top health technology innovators globally and match their services with interested healthcare providers in India. These pairs will together explore how the technology can be implemented to benefit healthcare delivery and patient outcomes. The program will provide funding and guidance to commercialize new technologies in the Indian market.
"We expect that Indian healthcare providers participating in the program will gain access to a global network of health technology innovators, while innovators have the opportunity to commercialize of their technology in India and form new business relationships," said Ruzgar Barisik, Senior Investment Officer with IFC's Venture Capital team. "Around a dozen leading private sector healthcare providers in India have signed up and are looking for new technologies for point of care, remote monitoring, patient engagement, and telehealth, among others."
The open application launched today invites health technology innovators around the world to apply to the program. Innovators will be selected through a competitive process. Companies with proven technologies are encouraged to apply at www.techemerge.org. The application deadline is March 6, 2016. Selected innovators will be invited to meet with TechEmerge healthcare providers in India to discuss the commercialization of their technology in this market.
Like other developing countries, India faces the double burden of dealing with communicable diseases and a lack of access to basic healthcare, alongside a rapidly rising incidence of non-communicable conditions like heart disease and cancer. Innovations in technology and processes are essential for expanding access to affordable health services. Meanwhile, the Indian healthcare market is set to grow to ($280) billion by 2020, driven by increasing income levels, a growing middle class, longer life expectancies, and the rise in incidences of non-communicable diseases.
The TechEmerge program is part of IFC's approach to catalyze the adoption of new technologies in emerging markets, and leverage the private sector in India to increase and improve access to quality health services. IFC has an investment portfolio in the Indian healthcare sector with commitments of over ($450) million, representing over 30 percent of its global health care investment portfolio.
The TechEmerge Program is being implemented in partnership with the Finnish Ministry of Employment and the Economy, and the Israeli Ministry of Economy and Industry, and is supported by Health 2.0.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it's needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. IFC has a dedicated Venture Capital team that invests in innovative companies with solutions geared at emerging markets. For more information, visit www.ifc.org
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