Industrial legislation to support the localization of drug production in Saudi Arabia
Medicines investment in the Kingdom constitutes 30% of the Middle East market
Wednesday – 13 Rajab 1442 AH – February 24, 2021 AD Issue No. [
The Saudi Minister of Industry discloses an arrangement for legislation that promotes drug production in Saudi Arabia (Asharq Al-Awsat)
Riyadh: «Middle East»
Al-Khorayef affirmed that the health challenges that the whole world went through as a result of the Corona pandemic produced a great challenge that the world had never seen before, starting with the health and medical challenge and its impact on supply chains, the way of life and the practice of daily life, revealing at the same time the volume of investment in the pharmaceutical sector. Which is the largest in the region and over 30% of the Middle East market.
He pointed out that his ministry undertakes the development of the necessary legislation and regulations to localize this industry in partnership with the system’s parties and relevant government agencies, pointing out that there is constant work to protect markets from unfair competition and inferior products in cooperation with the Food and Drug General Authority and the Saudi Organization for Standardization, Metrology and Quality. These factors will support development and increase investments in the industrial sector.
Al-Khorayef stated that the number of pharmaceutical factories registered in the Kingdom exceeds 40, covering 36% of the Saudi market’s need for medicines, indicating that the volume of growth in this sector is estimated at 5% annually, while exports of locally manufactured medicines exceed 1.5 billion riyals.
During the inauguration of the first virtual workshop to attract and localize pharmaceutical industries organized by the National Center for Industrial Development, Al-Khorayef stated that the industrial sector has witnessed during the past period great interest, based on the Kingdom’s Vision 2030, which aims to diversify and develop economic sectors in all directions, indicating that The state has worked on many projects, specifically with regard to infrastructure in industrial cities and financing, through several programs, initiatives and a number of legislations, to make it promising and attractive to investments.
The Saudi Minister of Industry pointed out to work in more than one direction to achieve the goals, starting with identifying the pharmaceutical industries that the Kingdom needs to be localized and given priority, stressing the Ministry’s desire to be a partner with the private sector in defining these priorities that aim to achieve drug security for the Kingdom, and for the Kingdom An exporter of many pharmaceutical products.
He added that there are several elements on which the pharmaceutical industry strategy is based, such as accurately limiting the size of the pharmaceutical market in the Kingdom, which has been divided into several sub-sectors to define the main pharmaceutical fields in the Kingdom, stressing that all indicators and numbers multiply the determination and insistence to localize this pharmaceutical industry, with Work to provide all the enablers and incentives that contribute to the development and attraction of local and foreign investments, stressing that Saudi Arabia has many advantages, including its geographical location, the presence of the appropriate environment for investment, the stability of legislation and others.
The Saudi economy