Saudi pharmaceuticals industry covers 30% of Middle East market – Saudi Gazette

Saudi pharmaceuticals industry covers 30% of Middle East market – Saudi Gazette

RIYADH — The market size of the pharmaceuticals industry in Saudi Arabia reached SR32 billion ($8.6 billion), the largest in the region accounting for more than 30% of the Middle East market, according to Minister of Industry and Mineral Resources Bandar Al-Khorayef.

Al-Khorayef reiterated, during his participation in the ministerial dialogue session at the Riyadh Global Medical Biotechnology Summit on Wednesday, that the Kingdom follows a strategic approach and comprehensive plan to build the best infrastructure for biotechnology at a global level to attract the best talent, promote innovation, and lead the country 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 biotechnology.

He added that 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 to increase investment in research and development in the private