The Ministry of Investment and Janssen Pharmaceuticals companies have signed a MOU to enhance innovation in the Kingdom's healthcare and life sciences sector, it was reported here today. The event, which took place yesterday, was attended by the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih; Minister of Health Dr. Tawfiq bin Fawzan Al-Rabiah; Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef; and a number of officials. Ministry of Investment and Janssen will work together over the next five years in key areas such as enhancing the biotechnology business ecosystem, advancing clinical trials and the utility of health data, enabling robust research and innovation characterized by strong IP legislation and the development of talent and expertise in medical biotechnology. The MoU includes the creation of an 'Innovation Incentive Scheme' and delivers access to Johnson & Johnson's venture capital resources, which is designed to support the growth of local and global pharmaceutical firms. This latest development builds on earlier MOUs between Saudi Arabia and Janssen signed last year and follows a new and comprehensive partnership between the Ministry and Swiss biopharma giant Roche. Both partnerships indicate a growing recognition among global pharma brands of the investment opportunities available in the Saudi life sciences sector. To mark the event, Al-Falih said: "the case for investing in the life sciences and healthcare sector has never been clearer, as we continue to fight this global pandemic. The sector has shown remarkable innovation and agility to deliver the COVID-19 vaccine at such a rapid pace, an achievement that would have not been possible without significant investment. It is against this backdrop that Ministry of Investment further strengthens its partnership with Janssen, a giant in the global life sciences sector, to nurture innovation and grow our knowledge base here in Saudi Arabia. I am delighted that Janssen is showing this level of commitment to helping enable the domestic private sector and is paving the way for the Kingdom's life sciences sector to become global leader in the years to come. "Janssen is one of several global pharmaceutical brands that have recognized the strength and depth of Saudi Arabia's investment opportunity. Doing business in the Kingdom has become quicker, easier and less costly than ever before as a result of policy and regulatory reforms introduced by the Ministry of Investment. We will continue to work hard to ensure investors at home and abroad that they are well positioned to take advantage of emerging opportunities and the potential rewards, as the Kingdom continues to diversify its economy through Vision 2030." Janssen Pharmaceutical Company is one of the largest pharmaceutical companies working in Saudi Arabia with its head office located in Riyadh employing over 230 employees from ten different nationalities. Janssen is an affiliate of Johnson and Johnson Company Group and is also the vaccine arm of the global pharmaceutical group. Janssen has contributed to developing Saudi Arabia's life sciences capacity and last year signed three Memoranda of Understanding with King Abdullah University of Science and Technology (KAUST), SPIMACO and SaudiVax.
