Saudi Arabia poised to become global biotech hub

Saudi Arabia poised to become global biotech hub

Saudi Arabia has the potential to become a world-leading hub for biotech research, development, and pharmaceutical manufacturing driving economic diversity and addressing national healthcare and food security issues, according to the latest report by Strategy& Middle East, part of the PwC network, titled “Accelerating Saudi Arabia’s Biotechnology Sector.”

The analysis comes amid reports that merger and acquisition activity in pharmaceutical and life sciences in the United States could reach $225 billion to $275 billion in 2023. Saudi Arabia has already seen $3.9 billion in total research and development (R&D) since 2021, with significant investments in flagship biotech R&D institutions and targeted regulatory frameworks. With state-of-the-art labs and innovation initiatives like the Saudi human genome programme and the Saudi network for clinical trials, the country is already well-placed to develop a leading biotech cluster over the coming decade.

“The health, social and economic benefits of a thriving biotech sector in Saudi Arabia are significant. Biotechnologies, with their ability to develop groundbreaking technologies and medical products, can revolutionize not just the national non-oil economy, but everything from the chemicals industry to agriculture, food security, and human health,” said Dr. Walid Tohme, Partner with Strategy& Middle East.

The scale of investment and regulatory development already implemented