Riyadh, (Business News Report)|| The Kingdom of Saudi Arabia has invested $3.4 billion in the biopharmaceutical sector and the vaccine industry.
The head of the Vaccines and Pharmaceutical Industry Committee, Bandar bin Ibrahim Al-Khorayef, said that Saudi Arabia has offered a number of investment opportunities in the field of medicines and vaccines, worth $3.4 billion.
Al-Khorayef added, “This comes in fulfillment of the directions of the Kingdom of Saudi Arabia aimed at achieving pharmaceutical and health security, and making Saudi Arabia an important center for this promising industry.”
The minister stressed that the targeted pharmaceutical sectors in general, whose value exceeds 5$ billion, will go through several stages, starting with vaccines and vital medicines.
The first phase will focus on localizing vaccines, plasma and insulin technologies, according to what was reported by the Saudi Press Agency, “SPA”.
Al-Khorayef pointed out the importance of transferring its full technologies to contribute mainly to building the Kingdom’s own capabilities in these sectors and achieving health and pharmaceutical security while reducing the high cost on the state budget, which currently imports 100% of vaccines and vital pharmaceutical products.
At the same time, the biopharmaceutical sector enjoys the fastest growth rate in the market among all pharmaceutical sectors, with an annual rate of 17%.
He revealed that the Vaccines and Biopharmaceuticals Industry Committee will focus in the first phase on localizing basic children’s vaccines and building the necessary self-capacity and manufacturing platforms, to combat future pandemics.
the committee will also focus on passing through insulin to treat diabetes patients and then support plasma collection centers with a world-class factory to achieve self-sufficiency of plasma derivatives.
While the second phase will focus on localizing immunotherapy and cancer treatments, the vital sector is estimated at more than $2 billion annually, of which insulin represents nearly $340 million.
Al-Khorayef explained that the Vaccines and Biopharmaceuticals Industry Committee aims to achieve positive results by identifying the best technologies in the field of vaccines and vital medicines, in which the Kingdom of Saudi Arabia must invest in order to transfer and localize knowledge.
In addition, the committee will build local industrial platforms with international specifications to enable the Kingdom to occupy its natural place as an industrial power and a logistical platform for vaccines and vital medicines in the Middle East and the countries of the Islamic world.
