HERA Invest was funded by the European Commission and the EIB was launched as a top-up to the InvestEU program, which is dedicated to promoting research and development in the field of cross-border health threats and is funded by the EU4Health program.
The abbreviation HERA stands for European Health Emergency Response AuthorityIt was created in response to the COVID-19 pandemic as a European authority for public health emergency response. The program is intended to become a key pillar of the authority and contribute to the prevention of and preparedness for health emergencies, including by providing financial support for the development of new medical countermeasures. The program also aims to stimulate private investment by mobilizing public funds.
HERA Invest is aimed at small and medium-sized enterprises and startups that specialize in one of the following three health risks:
- Pathogens with epidemic or pandemic potential
- Antimicrobial resistance
- Chemical, biological, radiological and nuclear threats from accidental or deliberate release
In addition, the companies must have already received capital from professional investors. They are also required to have a viable business model, a business plan, and sound corporate management. They will receive support from Venture Loans, which cover up to 50 percent of the total project costs. Applications for HERA Invest are accepted on an ongoing basis; there are no deadlines.
With HERA Invest against the weaknesses of the healthcare system
Stella Kyriakides, EU Commissioner for Health and Food Safety, explains:
"Through HERA Invest, we are investing €100 million in research and development to develop new and innovative medical countermeasures, thus improving our preparedness for future health threats. Together with the European Investment Bank, HERA Invest will attract additional private and public investment and provide European companies with the security they need to invest in groundbreaking innovations to address the greatest health threats. Here we see a clear example of a strong European Health Union taking action to better protect the health of our citizens."
Thomas Östros, EIB Vice-President responsible for Health and Life Sciences, added:
"COVID-19 has painfully shown us the need to address the weaknesses of our healthcare systems. HERA Invest will help us do just that. Through HERA Invest, we will support companies developing promising new ways to protect us from unpredictable health threats like pandemics or from known challenges like antibiotic resistance. This support is vital to keep Europe at the forefront of innovation and could save millions of lives around the planet if a new health emergency arises."
Further information on applying for HERA Invest can be found on the EIB website.
