IDB Lab, the innovation laboratory of the Inter-American Development Bank (IDB), will invest $750,000 to support the Jamaican company Novamed in the construction of Catalyst, the first health innovation accelerator and incubator in the Caribbean region.
Health innovation is crucial to overcoming healthcare challenges in the Caribbean and improving access to quality care, creating opportunities to drive positive impact. Novamed’s focus on private sector-led health innovation seeks to make healthcare more quality and affordable, further benefiting vulnerable populations and public agencies that provide care through public-private partnerships.
Through this investment, IDB Lab and Novamed will support, catalyze and accelerate health innovation and develop an ecosystem to support and grow new or improved health solutions in the Caribbean region. To do this, they will seek to create the expertise, connections, organizational capacity and partnerships necessary to help innovators in this field.
The funds will be used to direct various projects, and develop regional integration and cooperation that strengthen a regional health innovation ecosystem, exchange knowledge with other innovation laboratories, prepare business presentations aimed at competitions that offer micro-grants, develop capabilities for startups and for the construction of a health innovation community.
Promoting innovation
“IDB Lab is making more investments in the Caribbean region to address sectors in need such as health and support nascent ecosystems that foster not only interactions between internal and external actors, but also promote growth and innovation,” said Irene Arias, CEO of IDB Lab.
“This collaboration with IDB Lab marks a significant milestone in our mission to revolutionize health innovation in the Caribbean. “IDB Lab’s investment in Catalyst, our health innovation accelerator, will foster a dynamic ecosystem that improves healthcare delivery, affordability and accessibility, ultimately improving the lives of people in Jamaica and across the Caribbean.” said David Walcott, founder and managing partner of Novamed.
This project will benefit from financial support and technical training offered by other partners, such as the Development Bank of Jamaica (BDJ).
