Saudi pharmaceuticals control 30% of ME

According to the Minister of Industry and Mineral Resources, Bandar Al-Khorayef, the market size of the pharmaceuticals industry in Saudi Arabia has reached SR32 billion ($8.6 billion), making it the largest in the region and accounting for over 30% of the Middle East market.

Al-Khorayef emphasized that the Kingdom is following a strategic approach and comprehensive plan to build the best infrastructure for biotechnology at a global level, in order to attract the best talent, promote innovation, and lead the country in health care and life sciences.

He also highlighted that the Kingdom recognizes the potential and importance of the biotechnology sector, which is represented by its unique genetic makeup, digitized disease records, and established clinical and academic research infrastructure.

The sector is expected to play a major role in shaping the future by addressing more than 45% of the global burden of disease that is currently unmet, increasing the value of global manufacturing inputs, and influencing investment in research and development in the private sector.

Al-Khorayef also noted that the chemical and pharmaceutical sector in the Kingdom has been vital in dealing with challenges during the pandemic, with approximately 50 registered pharmaceutical factories in the country, covering 28% of the country’s needs in terms of value and 42% in terms of volume.

Additionally, the Vaccine and Biomedicine Industry Committee is working to promote the concept of one-shop service stop and the ministry is developing necessary legislation and regulations to localize this industry in partnership with relevant parties and government agencies.