Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) seeks to boost its Saudi market share to 10 percent over the coming two years, CNBC reported, citing chief executive Fahad bin Ibrahim Al Khalaf.
The company currently holds an 8 percent share, Al Khalaf said, adding that the Saudi pharmaceutical market is worth around SAR 30 billion.
SPIMACO presently has more than 15 strategic partnerships with global players, Al Khalaf noted.
Last Thursday, the Saudi firm signed a memorandum of understanding (MoU) with AstraZeneca UK Limited to locally produce a number of cancer medicines in SPIMACO’s pharmaceutical plant in Qassim.
Under the agreement, the production of 17 drugs used in cancer treatments will be completely nationalized.
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