At the launch event of the Impact Investment Initiative (Triple I) for Global Health, held alongside the United Nations General Assembly High-Level Meetings in New York City on September 21, 2023, USAID-Supported SAMRIDH Healthcare Blended Finance Facility and its technical support unit, IPE Global, were introduced as founding members, along with 37 other leading organizations.
This event, titled “Toward more Resilient, Equitable, and Sustainable Universal Health Coverage by 2030,” was hosted by the Japan Society during the United Nations General Assembly (UNGA) and was attended by global leaders committed to Universal Health Coverage (UHC). Distinguished keynote speakers included Fumio Kishida, the Prime Minister of Japan, Bill Gates, Co-Chair of the Gates Foundation, and representatives from G7, G20, WHO, the World Bank, UNICEF, and Gavi.
The keynote speakers praised the establishment of the Triple I for Global Health initiative, which aims to foster collaboration, attract private sector investments, and utilize impact tools to enhance transparency, accountability, and effectiveness in healthcare delivery. The event highlighted the importance of expanding the reach of diagnostic tools and vaccines to improve preparedness for future pandemics. Additionally, discussions revolved around the role of primary healthcare and the need to empower community health workers for universal health coverage.
The Triple I initiative, endorsed by G7 leaders at the G7 Hiroshima Summit, seeks to leverage the strengths of various development financial institutions, public development banks, private companies, and organizations to increase private investment in global health through impact investing. The ultimate goal is to ensure equitable and affordable access to quality healthcare for vulnerable communities in Low and Middle-income Countries.
The financing gap for the Sustainable Development Goals (SDGs), particularly SDG 3 focused on good health and well-being, remains a pressing challenge, exacerbated by the COVID-19 pandemic. Developing nations, facing an annual shortfall of USD 2.5 trillion, redirected funds to emergency responses, slowing progress in healthcare access. IPE Global and SAMRIDH, as founding members of the Triple I partnership, commit to showcasing impact investment transactions that provide financial returns and positively impact healthcare services’ access, affordability, and outcomes. They will also identify urgent thematic opportunities for private capital mobilization and promote a favorable environment for commercial investment in healthcare.
Ashwajit Singh, Founder and Managing Director of IPE Global, stressed the importance of collaborations to increase healthcare funding, saying, “Lack of access to healthcare services and products is one of the gravest challenges that humanity faces today.” He highlighted the need for resilient public-private partnerships to bridge funding gaps and catalyze universal health coverage.
As a blended finance facility, SAMRIDH combines private, public, and philanthropic capital to overcome barriers hindering private investments in market-driven health technologies and organizations. Since its inception in 2020, SAMRIDH has secured a commitment of USD 300 million in grant and debt capital to support scaling up market-based health solutions in India, benefiting over 25 million people across 28 states. SAMRIDH offers various innovative financial instruments to address financial challenges faced by healthcare enterprises, particularly startups, aiming to expand their services to underserved communities.
