Saudi pharmaceuticals exports hit SAR 1.5 bln: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef

Saudi Arabia’s medicines exports reached SAR 1.5 billion, produced by 51 factories licensed by the Saudi Food and Drug Authority, Minister of Industry and Mineral Resources Bandar Alkhorayef said at the Global Health Forum in Riyadh.

The forum carries the slogan “Invest in Health”.

The minister said it was not possible to achieve the volume of pharmaceuticals exports, without a strong industrial base and a powerful legislative system.

He pointed out that the insulin industry would be localized by 90% soon. Two agreements will be signed in this regard, with one being inked today, Oct. 29.

This was achieved with specific tools, where local content was an essential part of the success of the negotiations, as companies took a promise and commitment to purchase for a period of seven years, the minister noted.

Meanwhile, the Local Content & Government Procurement Authority promised such companies to be included in the mandatory list. Any investor establishing a factory and starting production approvals from the Saudi Food and Drug Authority (SFDA) also obtains Content Authority’s commitment for inclusion in the mandatory list for local content.