Listen to the article: The audio text is automatically generated by an automated system

0:00

Two minutes to read

Sources of "Al Arabiya.net" revealed that Saudi Arabia intends to produce 11 medical vaccines representing about 70% of its national need for basic vaccines, such as those specialized for seasonal influenza next year, as part of the country's strategic plan to localize medical biotechnology industries, in order to enhance the reality of drug security in the Kingdom.

Saudi Arabia seeks to become a pivotal center for the pharmaceutical and vaccine industry in the region, through effective partnerships it has concluded with major global pharmaceutical companies, and in continuous coordination with relevant authorities to develop the pharmaceutical and vaccine industry.

The value of the pharmaceutical market in Saudi Arabia is about $10.50 billion US in 2024, and the market is expected to grow from $10.86 billion US in 2025 to $16.52 billion US by 2032, showing a compound annual growth rate of 6.18% during the forecast period, according to Fortune Business Insight, which also predicted that the Saudi pharmaceutical market would witness significant growth during the forecast period.

For his part, Dr. Khaled Al-Mousa, founder and Chairman of the Board of Directors of the Biotech Industries Localization Group, revealed to "Al Arabiya.net" that the Kingdom aims to expand the presence of manufactured vaccines in the country, by producing 11 basic vaccines representing 70% of its national need for vaccines by the fourth quarter of 2027.

760d0cb2-6433-410f-95e8-a2f5b99959b7

He said: "The implementation of technology transfer will be through global partners during the years of production, reaching full localization of the manufacturing chain in its final stages," stressing the increase of the percentage of Saudi workers in the sector to 80% within the national training program, which aims to qualify and graduate specialized Saudi cadres in biotechnology industries.

In the same context, a report issued by the Ministry of Industry and Mineral Resources reveals the remarkable development witnessed by the pharmaceutical and medical device industry in Saudi Arabia, as the number of pharmaceutical and medical device factories combined reached 206 existing factories, and the number of pharmaceutical factories specifically reached 56 licensed and registered pharmaceutical factories in the Saudi Food and Drug Authority with total investments exceeding 7 billion riyals.

The pharmaceutical market in the Kingdom witnessed remarkable growth during the period between 2019 and 2023, with a rate of 25%, as the market size increased from $8 billion to $10 billion annually, confirming the attractiveness of the Saudi pharmaceutical market for investment, as the pharmaceutical sector achieved progress in localization rates, and pharmaceutical imports were reduced from 80% in 2019 to 70% in 2023.

Advertising material

Advertising material

Read also

Saudi "Modon" signs 5 contracts in medical pharmaceutical industries worth 235 million riyals. The contracts included allocating industrial land areas exceeding 46 thousand square meters. Economy

Saudi "Local Content" announces the price preference mechanism for the pharmaceutical sector, offering new competitive incentives within the government procurement system. Economy

The Saudi health sector.. wide steps towards localizing the pharmaceutical industry. Promising developments and significant contributions to the macro economy. Economic newsletters