A Third of the Arab World's Market is Covered by Saudi Pharmaceuticals

The pharmaceutical market in Saudi Arabia hit SR32 billion ($8.6 billion), making it the largest in the area and accounting for more than 30% of the Middle East market.
 

According to Minister of Industry and Mineral Resources Bandar Al-Khorayef, the Kingdom follows a strategic approach and comprehensive plan to build the best infrastructure for biotechnology at a global level in order to attract the best talent, promote innovation, and lead the country globally in the health care and life sciences. He clarified this during his participation in the ministerial dialogue session at the Riyadh Global Medical Biotechnology Summit on Wednesday.

Al-Khorayef mentioned that the Kingdom is conscious of the value and potential of the biotechnology industry. The industry is characterized by the distinctive genetic makeup of its people, the digitization of disease data, and the clinical and academic research infrastructure that was developed globally to achieve worldwide leadership in biotechnology.
 

The future will be shaped by biotechnology, which will treat more than 45% of the unfilled global disease burden, boost the value of global manufacturing inputs from 25% to more than 60%, and influence an increase in private sector investment in R&D from 15% to more than 30%.

Together with the relevant parties and government organizations, the ministry is creating the required laws and rules to localize the medical industry.

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