Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources
Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources and Chairman of the Manufacturing Vaccines and Vital Medicines Committee, announced offering several investment opportunities worth $3.4 billion in the vaccines and vital medicines industry, Saudi Press Agency reported.
The move aims to achieve the Kingdom’s goals of making Saudi Arabia an important center in this promising industry through achieving pharmaceutical and health security.
The minister stressed that the targeted pharmaceutical sectors in general, whose value exceeds $5 billion, will be implemented in several stages, starting with vaccines and vital medicines.
The first phase will focus on localizing vaccines, plasma, and insulin technologies, Alkhorayef said, stressing the importance of transferring their full technologies to contribute mainly to building the Kingdom's capabilities in these sectors.
This also is to achieve health and pharmaceutical security, while reducing the high cost on the state budget, which currently imports 100% of vaccines and vital pharmaceutical products, the minister noted.
He added that the vital medicines sector enjoys the fastest growth rate in the market among all pharmaceutical sectors, with an annual rate of 17%.
Alkhorayef said the committee will focus on the first phase of localizing 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 centers with a world-class factory to achieve self-sufficiency in plasma derivatives.
The second phase will focus on localizing immunological and cancer treatments technologies, where the size of this vital sector is estimated at more than $2 billion annually, of which insulin represents approximately $340 million.
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