A group of philanthropic funds and investors led by the Soros Economic Development Fund (SEDF), with support from the Bill & Melinda Gates Foundation, announced the launch of Global Access Health (GAH), a social enterprise that will seek to expand access to affordable state-of-the-art medical technology through decentralized research, development, and manufacturing in and for the Global South, IPN reports.

According to Soros Foundation Moldova, the GAH consortium aims to strengthen the global rollout saving medical technology and the subsequent acquisition of Mologic, best known today for the deep-nostril technology used to deliver rapid COVID-19 tests. The technology can also be used to test for dengue, bilharzia and river blindness.

The members of GAH will invest at least $41 million (£30 million) in this deal.

Soros Foundation Moldova executive director Petru Culeac said the SEDF investment is one of a series of similar actions that confirm the Open Society Foundations’ readiness to support persons from vulnerable groups all over the world. According to him, the access to high-quality health services is essential for the wellbeing of a society and its democratic development. The Open Society Foundations, together with Soros Foundation Moldova, have implemented programs in the health sector during over 20 years.