Saudi Arabian Investment Authority (SAGIA) signed on Wednesday a memorandum of understanding with Korea’s GL Rapha Co. to manufacture biological drugs in the Kingdom worth SAR1.2 billion ($320 million).
According to SAGIA, a facility to manufacture 30 products of biotechnology in the Kingdom will be constructed in addition to manufacturing five other innovative products over the next five years.
It said the awaited plant will cover all stages of manufacturing the biological medicines, including manufacturing raw materials.
The agreement was signed by SAGIA's Deputy Governor for Investment Attraction and Development Sultan Mofti and GL Rapha Chairman Jae Gan Whang in the presence of Assistant Manager Chang-Jo Yun.
The project, which is the first of its kind in the Kingdom, reflects the investors and business pioneers’ interest in the investment opportunities that characterize the healthcare sector in the Saudi market, said Al-Abbas al-Ghamdi. Director of Pharmaceutical Sector in SAGIA.
Ghamdi pointed out that the Authority works with its local and global partners to localize health care services and the pharmaceutical industry and meet the demand in the local market.
Whang, for his part, said GL Rapha seeks to be one of the international companies with a unique presence in the Saudi market in the field of biopharmaceutical industry.
He noted that the company targets creating innovative products and supporting the Kingdom in its drive to increase local manufacturing of biotechnology products and enhance the skills of Saudi human capital.
Whang explained that the MoU calls for starting domestic manufacturing of “monoclonal” antibiotics and pharmaceutical raw materials.
He stressed the company’s keenness to work with relevant parties in the Kingdom to sustain cooperation in creating an environment that encourages innovation and investment in the Saudi healthcare sector and the development of local skills.