Saudi Gazette report

RIYADH — Minister of Industry and Mineral Resources Bandar Al-Khorayef confirmed that the ministry has identified approximately 200 medicines whose localization is a priority in Saudi Arabia due to their great importance in achieving drug security. Actual steps have begun to localize 42 of these medicines in coordination and integration with governmental and private entities.

He also stressed that Saudi Arabia is moving forward to become a pivotal center for the pharmaceutical and vaccine industry in the region, through effective partnerships it has concluded with major global pharmaceutical companies.

Al-Khorayef stressed the importance of unifying efforts and establishing a clear reference for localizing the pharmaceutical industry to attract qualitative investments to the sector, and accelerate the steps toward achieving the goals of Saudi Arabia’s Vision 2030 in the pharmaceutical sector.

“Work is underway with the Ministry of Health to determine the demand for medical supplies, the Ministry of Human Resources and Social Development to ensure the presence of specialized national capabilities, the Ministry of Investment to provide incentives for local content, the Food and Drug Authority (SFDA), and the Public Investment Fund. We have already begun to reap the fruits of this work and integrated effort with the influx of local and foreign investments.” Al-Khorayef Said.

He called on investors to take advantage of the qualitative opportunities in the pharmaceutical industry in Saudi Arabia, where the number of medicines used exceeds 8,000, by communicating with the “399” Committee team.

The minister pointed out that the number of pharmaceutical and medical device factories in Saudi Arabia has grown by 25% in recent years, as medical device factories jumped from 54 to 150, and pharmaceutical factories grew from 42 to 56 from 2019 to 2023, with a total value exceeding $10 billion.

This growth has stimulated the sector to adopt the latest manufacturing technologies.

He also spoke about the development of the health sector in Saudi Arabia and its regional and global distinction, considering that health is one of the strategic sectors on which comprehensive development in Saudi Arabia focuses.