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Victoria Hale is a social entrepreneur and pharmaceutical scientist who founded two non-profit pharmaceutical companies - The Institute for One World Health in 2000 and Medicines360. She has over 30 years of experience in drug development at the FDA and Genentech. Hale earned her PhD in pharmaceutical chemistry from UCSF, where she is now an adjunct professor. Her companies develop important new medicines to reduce health inequities and she is internationally recognized for her work in global health and social entrepreneurship. Muhammad Yunus is an economist who pioneered the concepts of microcredit and microfinance by making small loans to poor entrepreneurs in Bangladesh who could not qualify for traditional bank loans. In 1983, he founded Grameen Bank
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- 1. Social Entrepreneurship - Poverty Muhammad Yunus Victoria Hale
- 2. Victoria Hale founded the non-profit pharmaceutical company The Institute for One World Health in San Francisco, California in 2000 and was its chairman and CEO until 2008, when she became Chair Emeritus. She was later involved with Medicines360, a non-profit pharmaceutical company dedicated to developing medicines for women and children, including pregnant women. Hale earned her Ph.D. in pharmaceutical chemistry from the University of California, San Francisco (UCSF). She is an Adjunct Associate professor in Biopharmaceutical Sciences at UCSF, and an advisor to the World Health Organization (WHO). Her past affiliations include the U.S. Food and Drug Administration's Centre for Drug Evaluation and Research, and Genentech.
- 3. Victoria Hale Dr. Hale is the Founder of Medicines360, a pharmaceutical scientist and global health social entrepreneur. Her passion is the development of important new medicines for all of humanity, with the specific goal to reduce health inequities. Dr. Hale is Founder & Chair Emeritus of One World Health, the first non-profit pharmaceutical company in the US. She founded the company in 2000 and served as its first Chairman and CEO (2000-2008). Under her leadership the organization developed a new cure for visceral leishmaniasis, launched a novel approach to treat dehydrating diarrhoea, and developed a platform technology to reduce the cost of malaria drugs by more than 10-fold. Dr. Hale established her expertise in all stages of biopharmaceutical drug development at the US Food and Drug Administration (FDA), and at Genentech. She earned her PhD in Pharmaceutical Chemistry from University of California San Francisco, where she presently maintains an Adjunct Associate Professorship in Biopharmaceutical Sciences. Dr. Hale was elected to membership in the Institute of Medicine of the US National Academies in 2007 and she is also a MacArthur Fellow. She received the Presidents Award of Distinction from the American Association of Pharmaceutical Scientists. She is internationally recognized as a senior social entrepreneur by the Skoll Foundation, Schwab Foundation, and Ashoka. The Economist named Hale the recipient of its Social and Economic Innovation Award.
- 4. Muhammad Yunus is a Bangladeshi banker, economist and Nobel Peace Prize recipient. He previously was a professor of economics where he developed the concepts of microcredit and microfinance. These loans are given to entrepreneurs too poor to qualify for traditional bank loans. In 2006 Yunus and Grameen Bank received the Nobel Peace Prize for their efforts through microcredit to create economic and social development from below.
- 5. Mohamed Yunus In 1976, during visits to the poorest households in the village of Jobra near Chittagong University, Yunus discovered that very small loans could make a disproportionate difference to a poor person. Jobra women who made bamboo furniture had to take out usurious loans for buying bamboo, to pay their profits to the moneylenders. His first loan, consisting of US$27.00 from his own pocket, was made to 42 women in the village, who made a net profit of BDT 0.50 (US$0.02) each on the loan. Accumulated through many loans, this vastly improving Bangladesh's ability to export and import as it did in the past, resulting in a greater form of globalisation and economic status. Dr.Akhtar Hameed Khan, founder of the Pakistan Academy for Rural Development (now Bangladesh Academy for Rural Development), is credited alongside Yunus for pioneering the idea. From his experience at Jobra,Yunus, an admirer of Dr. Hameed, realized that the creation of an institution was needed to lend to those who had nothing. While traditional banks were not interested in making tiny loans at reasonable interest rates to the poor due to high repayment risks,Yunus believed that given the chance the poor will repay the borrowed money and hence microcredit could be a viable business model. Yunus finally succeeded in securing a loan from the government Janata Bank to lend it to the poor in Jobra in December 1976. The institution continued to operate by securing loans from other banks for its projects. By 1982, the bank had 28,000 members. On 1 October 1983 the pilot project began operations as a full-fledged bank and was renamed the Grameen Bank (Village Bank) to make loans to poor Bangladeshis. Yunus and his colleagues encountered everything from violent radical leftists to the conservative clergy who told women that they would be denied a Muslim burial if they borrowed money from the Grameen Bank.As of July 2007, Grameen Bank has issued US$ 6.38 billion to 7.4 million borrowers. To ensure repayment, the bank uses a system of "solidarity groups". These small informal groups apply together for loans and its members act as co-guarantors of repayment and support one another's efforts at economic self-advancement.