Saudi Pharmaceutical Industries and Medical Appliances Corp.'s (SPIMACO) said it has completed the expansion project of its plant in Al Qassim region and will start commercial operations gradually in the second quarter of this year.
The expansion aims to increase plant capacity by 24 percent to 48 percent by 2018 end, the statement said, adding that the production capacity is subject to the type of products.
The company has also finished building its pharmaceutical development center, which aims to contribute to developing and registering new drugs by 60 percent of its current capacity, SPIMACO said in a regulatory statement.
Both projects together are worth SAR 283 million, and they come in line with Saudi Arabia’s Vision 2030 and the National Transformation Program to increase local manufacturing by 20-40 percent, the company added.
Financial impact will be announced later, it said.
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