Saudi Arabia to invest $3.4 billion in vaccines, drug industry

Riyadh: The Kingdom of Saudi Arabia (KSA) Industry and Mineral Resources minister announced the launch of a number of investment opportunities in the vaccines and vital medicines industry, with a value of $3.4 billion, to make the Kingdom an important centre for this sector, the Saudi Press Agency (SPA) reported.

In a statement issued on Friday, the minister Bandar Alkhorayef said the move is part of the Kingdom’s push toward achieving pharmaceutical security and making Saudi Arabia a more prominent hub for the sector.

The investments will be enacted in two phases:

  • The first phase valued at over $5 billion, will focus on localising basic children’s vaccines and building the necessary self-capacities and manufacturing platforms to combat future pandemics. 
  • The second phase will focus on localising immunological and cancer treatment technologies. This sector is worth more than $2 billion annually.

It is expected that these measures will contribute to building the Kingdom’s own capabilities and reduce the import of vaccines and vital pharmaceutical products by 100 percent currently.

MS Education Academy
https://twitter.com/dream_vu/status/1540368026368970759?t=fDMZ1vShrYGN-zlE5nA48Q&s=19

Subscribe us on The Siasat Daily - Google News
Back to top button