Saudi Arabia’s industry minister said on Friday that the country would invest $3.4 billion in the vaccines and biomedical drugs sector, according to a report by the official Saudi Press Agency (SPA).
The move is part of the Kingdom’s efforts to ensure pharmaceutical safety and make Saudi Arabia a more important hub for the sector, the report added.
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The announcement was made by the Minister of Industry and Mineral Resources, Bandar al-Khorayef.
The minister said the program will be presented in stages, starting with vaccines and life-saving drugs, with a focus on localizing vaccines, plasma and insulin technology – led by the “Committee of the vaccine and biopharmaceutical industry”.
The committee is responsible for establishing a regulatory strategy for the vaccine and lifesaving drug industry, developing programs and plans, and establishing national rules and standards before overseeing its implementation.
It will aim to give Saudi Arabia the local prowess to fight future pandemics, treat diabetic patients by manufacturing insulin and support plasma collection centers with a “world-class factory”, according to the report. SPA.
The second phase will focus on the localization of immunology and cancer treatment technologies, where the size of the sector is estimated at more than two billion dollars a year, of which insulin represents approximately $340 million, according to the report of the SPA.
These measures are expected to help build the Kingdom’s own capacity and reduce the current importation of life-saving vaccines and pharmaceuticals to 100%.
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