Sanofi Official to Asharq Al-Awsat: Manufacturing Insulin Pens in Saudi Arabia

The General Manager of Pharmaceuticals for Saudi Arabia and the Gulf at Sanofi (Asharq Al-Awsat).
The General Manager of Pharmaceuticals for Saudi Arabia and the Gulf at Sanofi (Asharq Al-Awsat).
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Sanofi Official to Asharq Al-Awsat: Manufacturing Insulin Pens in Saudi Arabia

The General Manager of Pharmaceuticals for Saudi Arabia and the Gulf at Sanofi (Asharq Al-Awsat).
The General Manager of Pharmaceuticals for Saudi Arabia and the Gulf at Sanofi (Asharq Al-Awsat).

As part of new agreements announced at the 7th edition of the Global Health Forum, Saudi Arabia signed deals to localize the production of 3 to 4 types of insulin, in collaboration with the Ministries of Investment, Health, and Industry and Mineral Resources, along with NUPCO, which is owned by the Public Investment Fund, Sanofi, and the Local Content and Government Procurement Authority.
Additionally, NUPCO, Novo Nordisk, and Sanofi signed a pharmaceutical manufacturing agreement valued at SAR 4 billion ($1.06 billion).
Dr. Niveen Khoury, General Manager of Pharmaceuticals for Saudi Arabia and the Gulf at Sanofi, told Asharq Al-Awsat that this pivotal agreement with NUPCO was in partnership with Sudair Pharmaceuticals.
She explained that the agreement aims to transfer technology and expertise, localizing insulin production in Saudi Arabia, including the complete manufacturing of insulin pens to the highest quality standards using Saudi expertise. The partnership will focus on localizing the technology for assembling advanced insulin pens, particularly the “SoloStar Delivery Device.” This will make the Sudair Pharmaceuticals plant the first facility in the region to specialize in the production of Sanofi’s latest insulin.
Dr. Khoury noted that diabetes is a major health challenge, underlining the importance to ensure a reliable and continuous supply of high-quality insulin.

 

 



Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Ease as Markets Weigh China Stimulus Hopes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.

Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. US West Texas Intermediate crude closed at $69.62, down 0.68%, or 48 cents, from Tuesday's pre-Christmas settlement.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

"Injecting a stimulus into a nation's economy creates increased demand, and increased demand pushes prices higher," said Tim Snyder, chief economist at Matador Economics, Reuters reported.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The US dollar continued to edge up higher after hitting a milestone last week. A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories, from the American Petroleum Institute industry group, showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Elsewhere, southbound traffic in Turkey's Bosphorus Strait was set to resume on Thursday, having been halted earlier in the day after a tanker suffered an engine failure, shipping agent Tribeca said.