Saudi pharma sector largest in region, focus on localization: Alkhorayef

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef said that the size of the pharmaceuticals industry in the Kingdom stands at SAR 30 billion, the largest in the region, and accounts for more than 30% of the Middle East markets.

The Kingdom continues to develop and localize the pharmaceuticals industry to achieve self-reliance in the sector, he added, during the inauguration of a virtual workshop to localize and attract investments in the pharma industry.

According to Alkhorayef, the ministry will set the legislations and regulations needed to nationalize the pharmaceuticals industry in partnership with related government bodies.

He also indicated that the ministry is working in several directions to achieve its goals, starting with defining the pharmaceutical industries needed in the Kingdom to localize and give them a priority. He also highlighted the ministry’s will to partner with the private sector in setting priorities and helping the Kingdom become an exporter for more pharmaceutical products.

Saudi Arabia has more than 40 registered pharmaceutical factories, which cover 36% of the market need. The sector’s growth is estimated at 5% annually, with exports exceeding SAR 1.5 billion.