Saudi Arabia’s industry minister said on Friday the country would invest $ 3.4 billion in vaccines and biomedical drugs, according to an official report from the Saudi Press Agency (SPA). The move is part of the State’s drive to achieve pharmaceutical safety and make Saudi Arabia a leading destination in the sector, the report said. The announcement was made by the Minister of Industry and Minerals, Bandar al-Khorayef. The minister said the program would be divided into several phases, starting with vaccines and essential medicines, focusing on local vaccines, plasma and insulin technology – led by the ‘Vaccine and Industrial Biopharmaceuticals Industry Committee.’
The committee is responsible for establishing a strategy to regulate the vaccine and essential medicines industry, developing programs and programs, and setting national laws and standards before regulating their use. It will aim to give Saudi Arabia the local capacity to fight future epidemics, treat patients with diabetes by producing insulin, and support plasma collection centers with a ‘world-class factory,’ according to a SPA report.
The second phase will focus on acquiring a technology for the treatment of cancer and cancer, where the size of the sector is estimated at more than $ 2 billion a year, while insulin represents about $ 340 million, according to a SPA report. These measures are expected to contribute to the building of State power and to reduce the import of vaccines and essential pharma products currently by 100 percent.
