Baxter reports on charitable healthcare work

Baxter International and the Baxter International Foundation have invested $35 million (18 million pounds) to increase the access of developing nations to healthcare.

The investment from the medical devices firm and its philanthropic arm was seen over the course of 2006, with $14.8 million of the funds used as product donations to developing nations and countries in crisis.

A further $16.5 million, which came from Baxter’s businesses and facilities, was used to address local needs deemed critical.

“As a healthcare company that focuses on creating life-saving products and therapies, making a positive impact on the health and well-being of our local and global communities is a natural extension of our business,” said Robert Parkinson, Baxter’s chairman and chief executive.

Individual projects for 2006 included support for victims of hurricanes Katrina and Rita, and help to those in India and Pakistan recovering from the aftermath of earthquakes.

Meanwhile, the Baxter International Foundation gave over $1.5 million in grants to disaster-relief organisations.

The group recently announced the sale of its Transfusion Therapies business, which was acquired by Texas Pacific Group (TPG) and Maverick Capital for $540 million.

A new company known as Fenwal has been set up by TPG and Maverick Capital.