Saudi Arabia has announced “multiple investment opportunities” worth $3.4 billion in the vaccination and essential pharmaceuticals industry (AED12.5 billion).
Its Minister of Industry and Mineral Resources and Chairman of the Manufacturing Vaccines and Vital Medicines Committee made the announcement on Friday.
The kingdom said it wants to achieve pharmaceutical and health security, and make Saudi Arabia an important center for this promising industry.
According to the Saudi Press Agency, the minister said that the targeted pharmaceutical sectors in general, whose value exceeds $5 billion, will be implemented in several stages.
It will start with vaccines and vital medicines, as the first phase will focus on localizing vaccines, plasma, and insulin technologies, transferring their full technologies to contribute mainly to building the Kingdom’s capabilities in these sectors.
“This will reduce the high cost on the state budget, which currently imports 100 percent of vaccines and vital pharmaceutical products.
“The vital medicines sector enjoys the fastest growth rate in the market among all pharmaceutical sectors with an annual rate of 17 percent,” he said.
The Manufacturing Vaccines and Vital Medicines Committee will focus in the first phase on localising basic children’s vaccines and building the necessary self-capacities and manufacturing platforms to combat future pandemics.
This will be followed by insulin production to treat diabetes patients and then support plasma collection centres with a world-class factory to achieve self-sufficiency in plasma derivatives.
The second phase will concentrate on localizing immunological and cancer therapy technologies. It is anticipated that more than $2 billion is spent yearly in this important industry, of which $340 million is spent on insulin.
