Over 40 pharmaceutical plants in Saudi Arabia cover 36% of local market needs, says Deputy Minister

15/09/2021 Argaam

Osama Al Zamil, Vice Minister at Ministry of Industry and Mineral Resources

There are more than 40 pharmaceutical factories in Saudi Arabia, covering 36% of the local market needs, according to Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources.

 

During his speech at the Riyadh Global Medical Biotechnology Summit 2021 (RGMBS), Al-Zamil said that the size of the local pharmaceutical market is SAR 32 billion, making it the largest in the region.

 

Growth in the local pharmaceutical sector is estimated at 5% annually, with exports of nearly SAR 1.5 billion, he further added.

 

According to data compiled by Argaam, the Ministry of Industry and Mineral Resources, King Abdullah International Medical Research Center (KAIMRC), and Pfizer signed, on Sept. 14, a memorandum of understanding (MoU) to build the foundation for the manufacturing of viral and genetic vaccines in the Kingdom.

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