Saudi Arabia has announced the launch of several investment opportunities in the vaccines and vital medicines industry valued at $3.4b.
Bandar Alkhorayef, Chairman of the Manufacturing Vaccines and Vital Medicines Committee, explained that this investment alligns with Saudi Arabia’s plans of emphasizing the country’s existence in this sector and achieving pharmaceutical security.
The implementation of this investment will be divided into two phases. The first of which is localizing children’s vaccines, plasma and insulin, which is said to “reduce the high cost on the state budget” since 100% of all vaccines and pharmaceutical products in Saudi Arabia are being imported.
Saudi Arabia also plans to achieve self-sufficiency in plasma derivatives, which is said to be achieved through several plasma collection centres and a plasma production factory.
This investment also puts future pandemics into plan, therefore it plans on manufacturing the necessary medical platforms to be ready to combat them.
The second phase of the investment will be emphasizing on localising immunological and cancer treatments technologies.
All of these projects, along with plans of building local industrial platforms, are part of Saudi Arabia’s efforts in becoming MENA’s hub for vaccines and vital medicines.
Read more: An overview on the $7.7b Saudi Egyptian agreements
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