Minister of Industry and Mineral Resources, Bandar Al-Khorayef, has identified approximately 200 medicines that need to be localized in Saudi Arabia due to their importance in achieving drug security. Currently, steps are being taken to localize 42 of these medicines through collaboration with government and private entities. Al-Khorayef emphasized Saudi Arabia’s ambition to become a key player in the pharmaceutical and vaccine industry in the region by forming partnerships with major global pharmaceutical companies. He highlighted the need for a unified effort to attract investments to the sector, accelerate progress, and achieve the goals of Saudi Arabia’s Vision 2030 in the pharmaceutical industry.
Collaboration with various government entities such as the Ministry of Health, Ministry of Human Resources and Social Development, Ministry of Investment, and the Food and Drug Authority, along with the Public Investment Fund, is crucial to achieving success in localizing the pharmaceutical industry. Al-Khorayef emphasized that efforts are already underway, and the country is starting to see the benefits of increased local and foreign investments in the sector. He encouraged investors to explore the opportunities available in the pharmaceutical industry in Saudi Arabia, where over 8,000 medicines are currently in use, by reaching out to the “399” Committee team for more information.
The number of pharmaceutical and medical device factories in Saudi Arabia has grown significantly in recent years, with medical device factories increasing from 54 to 150 and pharmaceutical factories from 42 to 56 between 2019 and 2023. These factories have a total value exceeding $10 billion and have adopted the latest manufacturing technologies to support the sector’s growth. Al-Khorayef also highlighted the development of the health sector in Saudi Arabia, emphasizing its regional and global distinction and its importance as a strategic sector for comprehensive development in the country.
Al-Khorayef stressed the need for a clear reference and unified efforts to localize the pharmaceutical industry in Saudi Arabia successfully. By working closely with governmental and private entities, as well as major global pharmaceutical companies, the country aims to position itself as a key player in the region’s pharmaceutical and vaccine industry. The government is actively working with various ministries and agencies to determine demand, ensure the presence of specialized national capabilities, provide incentives for local content, and attract investments to the sector.
Investors are encouraged to explore the opportunities available in Saudi Arabia’s pharmaceutical industry, as the country continues to see growth in the number of medicines used and the establishment of new pharmaceutical and medical device factories. The sector’s growth and adoption of the latest manufacturing technologies are positioning Saudi Arabia as a competitive player in the global pharmaceutical market. Health remains a strategic sector for comprehensive development in the country, with a focus on achieving the goals of Saudi Arabia’s Vision 2030 in the pharmaceutical sector and beyond.
