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Saudi Arabia Aims to Raise Private Sector’s Contribution to Health Industry to 50%

Ministers speak at the Global Health Forum 2023. (SPA)
Ministers speak at the Global Health Forum 2023. (SPA)
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Saudi Arabia Aims to Raise Private Sector’s Contribution to Health Industry to 50%

Ministers speak at the Global Health Forum 2023. (SPA)
Ministers speak at the Global Health Forum 2023. (SPA)

Saudi Arabia announced that one of the goals of the health sector transformation program was to increase the private sector’s contribution to 50 percent, from the current 11 percent.

Saudi Minister of Health Fahd Al-Jalajel inaugurated on Sunday the “nphies” platform, which aims to facilitate the exchange of beneficiary health information with healthcare providers.

The platform was announced on the sidelines of the Global Health Forum 2023 in Riyadh, with the participation of Minister of Investment Eng. Khaled Al-Falih, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Governor of the Digital Government Authority Eng. Ahmed Alsuwaiyan.

In his opening speech, Al-Jalajel revealed the launch of the Saudi Center for Proton Therapy, the first of its kind in the region, which provides patients with an advanced and promising technology and contributes significantly to promoting medical tourism in Saudi Arabia.

The minister noted that the average coverage of health services in the Kingdom increased from 81 to 94 percent, pointing to the establishment of three specialized companies that help restructure the health sector in the country.

Healthcare is one of the main components of Vision 2030, as Saudi Arabia seeks to develop the pharmaceutical industry in particular and various health services. In June, the Public Investment Fund (PIF) established a new entity to attract pharmaceutical and biotechnology companies to invest in the development of pharmaceutical products, including insulin, vaccines and plasma treatments.

Al-Jalajel spoke about increasing the health sector’s contribution to the GDP from SAR 199 billion to SAR 318 billion in 2030, of which the private sector’s share will constitute about SAR 145 billion.

For his part, Al-Falih said 15 percent of the value of government investments was directed to the health sector, expecting increased spending on medical prevention.

During a session entitled, “Investing in Health in the Kingdom”, he stressed that the pharmaceutical industries represented promising opportunities to contribute to the health sector, and to fulfill Saudi Arabia’s aspirations to promote the citizens’ quality of life.

Alkhorayef announced that Sudair City will become a hub for the pharmaceutical industry in the Kingdom, as it now encompasses 40 factories operating in this field. He also revealed two new agreements that will contribute to the localization of the pharmaceutical insulin industry by 80-90 percent.

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Türkiye Inflation Higher than Expected, Teeing up Tough Rate Decision

People shop at a fresh market in Istanbul, Türkiye, July 5, 2024. (Reuters)
People shop at a fresh market in Istanbul, Türkiye, July 5, 2024. (Reuters)
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Türkiye Inflation Higher than Expected, Teeing up Tough Rate Decision

People shop at a fresh market in Istanbul, Türkiye, July 5, 2024. (Reuters)
People shop at a fresh market in Istanbul, Türkiye, July 5, 2024. (Reuters)

Turkish inflation was higher than expected at 47.09% annually and 2.24% on a monthly basis in November, official data showed on Tuesday, potentially reducing the prospect of an interest rate cut later this month.

Prices of food and non-alcoholic drinks jumped 5.1% from the previous month, the Turkish Statistical Institute data showed, underlining the central bank's continued struggle against years of high inflation. Health-related prices rose 2.69%.

In a Reuters poll, the consumer price index inflation rate was expected to slow to 46.6% on an annual basis, while the monthly figure was seen at 1.91%, mainly due to food and medicine prices.

Although above expectations, annual inflation in November was at its lowest level since mid-2023. In October, annual inflation was 48.58% with the monthly rate at 2.88%.

The central bank has hiked rates by 4,150 basis points since June last year as part of an abrupt shift to economic orthodoxy, and has kept its policy rate steady at 50% since March.

It is watching monthly inflation closely as it decides when to cut its main interest rate, with expectations having grown in recent weeks that easing could come as soon as December.

Delaying rate cuts until next year, after "critical decisions" on the minimum wage and other administered prices "would be more appropriate", said Haluk Burumcekci, founding partner at Burumcekci Consulting, of an expected Jan. 1 rise to minimum wage.

But he added the central bank's latest policy statement "suggests that rate cuts are a serious option" for December.

After its policy meeting last month, the bank said it would set its rate to ensure the tightness required by the projected disinflation path, setting the stage for a cautious easing cycle.

The bank had also predicted that food would elevate overall inflation in November. Turkish Vice President Cevdet Yilmaz said on Tuesday that while food inflation remained high, aside from that there was a broadly more positive trend.

The Turkish lira was little changed after the data at 34.7505 to the dollar, having earlier touched a record low.

Economists had flagged medicine prices as an inflation driver in November since the government late last month hiked by 23.5% the euro rate for imported medicines.

The domestic producer price index was up 0.66% month-on-month in November for an annual rise of 29.47%, according to the data.

The Reuters poll showed annual inflation falling to 44.8% by year-end, close to the central bank's target of 44%. It also showed inflation falling to 26.5% at end-2025, compared to the central bank's view of 21%.