Saudi Arabia’s Minister of Industry and Mineral Resources Bandar al-Khorayef said his ministry will set the necessary legislations and regulations to localize the pharmaceuticals industry in partnership with relevant government bodies.
During the inauguration of a virtual workshop to localize and attract investments in the sector, Khorayef noted that the size of the pharmaceuticals industry in the Kingdom stands at SAR30 billion ($8 billion), the largest in the region, and accounts for more than 30 percent of the Middle East market.
The world has suffered unprecedented health challenges due to the coronavirus pandemic, Khorayef explained, citing the health and medical challenge and its impact on supply chains as well as the change in people’s lifestyles.
The Kingdom is working hard to protect the markets from unfair competition in cooperation with the Saudi General Authority for Food and Drug and the Saudi Standards, Metrology and Quality Organization (SASO), to support development and increase investments in the industrial sector.
“The Kingdom continues to develop and localize the pharmaceuticals industry to achieve self-sufficiency in the sector,” he affirmed, adding that it has more than 40 registered pharmaceutical factories, which cover 36 percent of the market’s need.
The sector’s growth is estimated at five percent annually, with exports exceeding SAR1.5 billion.
He pointed out that the industrial sector has been recently active based on the Kingdom’s Vision 2030, which aims to diversify and develop economic sectors.
Saudi Arabia has worked on many projects, especially those involving the infrastructure in industrial cities, and financing through several programs, initiatives and a number of legislations to make it promising and attractive to investments.
He also indicated that the ministry is working in several directions to achieve its goals, starting with defining the pharmaceutical industries needed in the Kingdom to localize and give them a priority.
He also highlighted the ministry’s will to collaborate with the private sector in setting priorities and helping the Kingdom become an exporter for more pharmaceutical products.