Minister of Industry and Mineral Resources: KSA follows a strategic, comprehensive approach to building appropriate infrastructure for biotechnology with a global concept

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has reiterated, during his participation in the ministerial dialogue session at the Riyadh Global Medical Biotechnology Summit, which was held under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, that the Kingdom follows a strategic approach and comprehensive plan to build the best infrastructure for biotechnology at a global level, that would attract the best talent, promote innovation, and lead the Kingdom globally in health care and life sciences.
Al-Khorayef explained that the Kingdom is aware of the importance and the potential of the biotechnology sector, which is represented in the unique genetic makeup of its population, the digitization of disease records, and the clinical and academic research infrastructure that was established at a global level, to reach global leadership in the biotechnology sector, adding that the biotechnology will shape the future by addressing more than 45% of the global burden of disease that is currently unmet, raising the value of global manufacturing inputs from 25% to more than 60%, in addition to influencing increased investment in research and development in the private sector from 15% to more than 30%.
Al-Khorayef indicated that the chemical pharmaceutical sector in the Kingdom is considered one of the vital sectors that have proven effective in dealing with challenges during the pandemic, as there are approximately 50 registered pharmaceutical factories in the Kingdom, covering the needs of the country by 28% in terms of value and 42% in terms of volume, with exports amounting to SR1.5 million, adding that the Vaccine and Biomedicine Industry Committee confirms the Saudi leadership's commitment to developing this important sector, as the committee works with 13 government agencies side by side under one umbrella to promote the concept of one-shop-stop service for the first time.
The minister had confirmed in a previous meeting that the market size of the pharmaceutical industry in Saudi Arabia reached SR32 billion ($8.6 billion), the largest in the region, occupying more than 30% of the Middle East market. He also stressed that the ministry is developing the necessary legislation and regulations to localize this industry in partnership with the relevant parties and government agencies.