Global Fund a key provider of insti-AM business Tender award by the Global Fund holds immense significance in the insti-AM segment. Notably, the Global Fund was the biggest contributor, with ~28% share in total funding to agencies in 2015. The Global Fund spent ~USD9.9b over 2005-17, which was utilized for 1) improving health systems (~59% of total spending), 2) prevention (~24%) and 3) treatment (~17%). The spending for treatment in 2016 is estimated at USD154m. Although the amount committed for 2017-19 is stable compared to that in 2014-16, the business for pharma companies will be...