RIYADH:ÌýFollowing meetings between º£½ÇÖ±²¥â€™s industry minister and Brazilian companies, the Kingdom aims to boost the localization of vaccines and pharmaceuticals by leveraging Brazil’s expertise.
During his discussions with several investors in the South American nation, Bandar Alkhorayef indicated the scope of the potential collaboration, as the sector plays a large part in the country’s National Industrial Strategy.
ThisÌýis due to its crucial role in achieving pharmaceutical and health security and enhancing the Kingdom’s independenceÌýin this fieldÌýby securing its medical needs and building specialized industrial capacities.
º£½ÇÖ±²¥â€™s Vaccines and Biomedicines Industry Committee, led by Alkhorayef, aims to identify the best technologies for investment. Its goal is to transfer and localize knowledge, building local industrial platforms with international standards to establish the Kingdom as a logistics and industrial powerhouse for vaccines and vital medicines in the Middle East and the Islamic world.
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In a release on his X account, the minister saidÌýhe visited the Butantan Institute, which he deemed the world leader in biotechnology research, adding:Ìý“I discussed with the director of the institute ways to enhance cooperation in the localization of the vaccine and pharmaceutical industry."
During a meeting with investors and company heads,ÌýAlkhorayef underscored Brazil’s readiness to partner with º£½ÇÖ±²¥ across all targeted industrial sectors, particularly pharmaceuticals and vaccines.Ìý
This collaborationÌýis seenÌýas a strategic move to leverage both nations’ strengths to develop supply chains, enhance technological exchange, and drive innovation for sustainable development.
Alkhorayef announced in June 2022 investment opportunities in the sector worth over SR11 billion ($2.9 billion). º£½ÇÖ±²¥ is keen to attract world-class interest in healthcare by offering financial incentives and leveraging its robust capabilities. The primary objective is to localize 80 to 90 percent of insulin production.
By building strategic partnerships with leading international companies, transferring technology and knowledge, and fostering public-private partnerships, the Kingdom aims to ensure sustainable growth in the healthcare sector.Ìý
The focus on increasing local content and adopting the latest medical technologies underscores the nation’s ambition to become aÌýmajorÌýregional pharmaceutical manufacturing center.
