Progressive philanthropists George Soros and Bill Gates are both part of a team that is purchasing a company that makes rapid COVID-19 tests, as announced last week by Soros’ Open Societies Foundation.
A press release on the organization’s website explains that the purchase of Mologic Ltd. will create “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.”
The buyers, which include the Soros Economic Development Fund and the Bill & Melinda Gates Foundation, have put together roughly $41 million to make the purchase.
The release described Mologic Ltd. as “a world leading innovator in the development of lateral flow and rapid diagnostic technologies including tests that can help combat tropical diseases such as dengue, bilharzia, and river blindness, as well as for COVID-19.”
The purchase “transitions a world-class for-profit company into a social enterprise and allows it to entirely reinvest its profits in pursuing these goals.”
The aim is to give the firm “the ability to address gaps in the provision of global diagnostics in low-income communities and regions that profit-focused business has failed to address.”
The organization’s goal is to pave the way for access to COVID-19 rapid testing to low- and middle-income countries at an affordable price.
The Western Journal explains that Mologic’s testing, which uses technology similar to ClearBlue pregnancy tests, require additional testing to confirm results of a COVID-19 test.
“The COVID-19 pandemic has painfully demonstrated the fundamental inequities in global public health, and in particular the crucial importance of access in low- and middle-income countries to low-price, high-quality life-saving diagnostic tools, Soros Economic Development Fund’s CEO, Sean Hinton, was quoted as saying by the release.
“In this unique transaction, philanthropic funds and investors are working together with a skilled and visionary management team in a truly innovative way to address at least one part of that failure by enabling a cutting edge commercial business to focus all its resources on solving one of the world’s most pressing public health issues.”
The new partnership will work to create rapid-result testing for not only COVID-19, but technology to combat tropical diseases like dengue, bilharzia, and river blindness.
Both Soros and Gates are known for their charitable work, although they have each gained their own degree of notoriety for their public influence.
Soros has been a longtime progressive political operative in the United States and was for years accused of buying influence in Washington D.C.; Gates’ and soon-to-be ex-wife Belinda Gates have been criticized for their philanthropic efforts in Africa and elsewhere in the third world that is characterized by many as thinly-veiled attempts at population control, which is a cause that they have vocally championed.
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