Buraidah Date Festival Sales Exceed SAR 62 Million within One Week    Hong Kong Eases Quarantine for Overseas Arrivals    Forest Fire Area in Russia up Almost 6,000 Hectares in 24 Hours    HRH Crown Prince Congratulates President of Singapore on National Day    Weather Forecast for Monday    MWL Condemns Storming in Courtyards of Al-Aqsa Mosque by Israeli Settlers    King Salman receives letter from Zambian President    Foreign or joint capital makes up 39% of Saudi industrial investments    MoH: Private health firms not allowed to detain patients or their dead bodies over financial dues    Saudi Arabia: Israeli settlers' storming of Al-Aqsa courtyards a gross violation    Twitter breach exposed anonymous account owners    Thousands stranded in China resort city amid COVID lockdown    Manchester United must let Ronaldo leave, says Rooney    THE LINE Exhibition Attracts Visitors with Visual Display Technologies, 50 Daily Tours    Buraidah Date Festival Enhances Saudi Date Exports    TRSDC completes construction of Shurayrah, longest water bridge in Saudi Arabia    Pilot and companion rescued as plane crashes in Al-Huraidah, Asir    CITC Performs First Global Live Demo of an End-to-end AFC System to Enable Wi-Fi 6E Technology    Ministry of Foreign Affairs: Saudi Arabia condemns and denounces attack carried out by the Israeli occupation forces on Gaza Strip    Weather Forecast for Sunday    Minister of Industry: Percentage of National Products Displayed in Some Retail Stores Reaches 70%    Saudi Arabia wins gold in Special Olympics Unified Cup in Detroit    SFDA: All food in Saudi Arabia is halal    Saudi team for Special Olympics Unified Football wins gold medal of World Cup    Saudi Arabia arrests 14,509 illegals in a week    MHRSD: Talks underway to bring in house workers from Philippines Saudi Arabia targets domestic help from more Asian and African countries    31 Saudi women start driving high-speed train between Makkah and Madinah    Musk says Twitter deal should go ahead if it provides proof of real accounts    Evergrande gets $818m as football stadium land deal canceled    A myth about depression?    Kerala: Remembering Afra Rafeeq, whose viral video saved her brother    Batgirl: Directors shocked at film's cancellation    Napoli boss won't sign Africans unless they skip African Cup    Egyptian U20 Football National Team Beats Algerian Counterpart to Qualify for 2022 U-20 Arab Cup Final Match    Saudi Arabia to Participate in the 5th Islamic Solidarity Games in Turkiye    SAUDIA Brings New Immersive Experiences to London    Association of Culture and Arts in Dammam Announces Winners of "International Video Art Forum"    Slaughterhouses of MEWA received more than 600,000 sacrifices in 3 days of Eid    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    MoH Activates Sign Language to Communicate with Pilgrims with Deafness or Muteness During Hajj    Sheikh Al-Issa at Arafat sermon: Values of Islam foster harmony; eschew hatred and division    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Council of Scholars urges pilgrims to stay away from divisive acts    Red Sea Fund Opens Its Third Cycle for Production Funding    SFDA Warns Against Herbal Product "Montalin Jamu" Due to Containing Active Medicinal Ingredients    Makkah Municipality offers animal sacrifices permitting service through Baladi platform    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Arabia announces investment opportunities in vaccines, vital medicines industry worth $3 billion
Published in The Saudi Gazette on 25 - 06 - 2022

Saudi Minister of Industry and Mineral Resources, Chairman of the Manufacturing Vaccines and Vital Medicines Committee Bandar Alkhorayef announced the launch of several investment opportunities in the vaccines and vital medicines industry, valued at $3.4 billion.
The opportunities will achieve the Kingdom's goals aimed at achieving pharmaceutical and health security, and making Saudi Arabia an important center for this promising industry.
The minister stressed that the targeted pharmaceutical sectors in general, whose value exceeds $5 billion, will be implemented in several stages, starting with vaccines and vital medicines, as the first phase will focus on localizing vaccines, plasma, and insulin technologies, Saudi Press Agency (SPA) reported.
He stressed the importance of transferring their full technologies to contribute mainly to building the Kingdom's capabilities in these sectors and achieving health and pharmaceutical security while reducing the high cost on the state budget.
Currently the state imports 100% of vaccines and vital pharmaceutical products, while the vital medicines sector enjoys the fastest growth rate in the market among all pharmaceutical sectors with an annual rate of 17%.
Alkhorayef said that the Manufacturing Vaccines and Vital Medicines Committee will focus in the first phase on localizing basic children's vaccines and building the necessary self-capacities and manufacturing platforms to combat future pandemics.
This will be followed by insulin production to treat diabetes patients and then support plasma collection centers with a world-class factory to achieve self-sufficiency in plasma derivatives.
The second phase will focus on localizing immunological and cancer treatments technologies, where the size of this vital sector is estimated at more than $2 billion annually, of which insulin represents approximately $340 million.
The minister explained that the Manufacturing Vaccines and Vital Medicines Committee aims to achieve positive results by identifying the best technologies in the field of vaccines and vital medicines, in which the Kingdom must invest to transfer and localize knowledge.
This is in addition to building local industrial platforms with international specifications to enable the Kingdom to occupy its natural place as an industrial power and a logistical platform for vaccines and vital medicines in the Middle East and the Muslim countries.
The committee, which was formed by a Cabinet decision in March 2022, chaired by the minister of industry and mineral resources, is working on organizing and developing vital medicines, setting a strategy for regulating the vaccines and vital medicines industry, related programs, and plans, supervising their implementation, setting rules and standards for building factories for vaccines and vital medicines and taking all necessary procedures concerning the construction of those factories. — SG


Clic here to read the story from its source.