Logo of the Ministry of Investment
Janssen Pharmaceuticals, which is owned by Johnson & Johnson, signed today, June 29, a memorandum of understanding (MoU) with the Saudi Ministry of Investment, to set a framework for a strategic partnership through which the two parties will co-develop a number of initiatives over the next five years.
Khalid Al-Falih, Minister of Investment, said: "This is a comprehensive agreement that is the fourth in a series of agreements signed by Johnson & Johnson with several authorities, under the auspices of the ministries of investment and industry".
“These agreements include a deal with Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) for the manufacture of two types of J&J advanced drugs in the Kingdom.
In an interview with Al Arabiya TV, Al-Falih added that an MoU was signed with King Abdullah University of Science and Technology (KAUST) for medical research on one of the diseases that are prevalent in the Kingdom. Another MoU was inked with a leading Saudi company for the development of biological treatments, including antibiotics.
The Ministry of Investment also represents the labor market regulator in the health sector, as the agreement focuses on innovation, as well as the development of new products. It also focuses on conducting clinical examinations and studies. The ministry helps the Kingdom regulate the regulatory and legislative environment in partnership with this leading company to realize one of the Vision 2030 objectives, Al-Falih added.
He also highlighted the pursuit towards achieving the noble goal of providing medical products for all humanity, through developing the health sector with global partnership among the various sectors representing the government as well as the local and global private sector.
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