Saudi Arabia’s Ministry of Investment (MISA) and Swiss multinational pharmaceutical corporation Novartis, have today signed a memorandum of understanding (MoU) to an expansion of the Kingdom’s biopharmaceutical capabilities.
This MoU comprises the co-creation of Cell & Gene centers of excellence, implementation of a long-term strategic co-manufacturing plan, and an aim to reach 75% Saudization.
Industry sources added that MISA and Novartis will work together to the expansion of the local investment activities in areas of Cell & Gene (C&G) therapy, transfer of technologies, clinical research development, and next-generation therapies to reduce the burden of treatment in Saudi Arabia’s national healthcare budget and building local talent and capabilities.
His Excellency Khalid Al Falih, Minister of Investment commented: “The Ministry of Investment remains committed to ensuring that innovative investors can take advantage of emerging opportunities, particularly within our burgeoning healthcare and life sciences sector. As the Kingdom continues to diversify its economy through Vision 2030, our National Investment Strategy has made the Kingdom a stable and competitive destination, as doing business has become quicker, easier, and less costly than ever before, because of policy and regulatory reforms. I encourage more investors to explore the world of opportunity available in the Kingdom of Saudi Arabia.”
Reflecting on the announcement, Dr. Sara Althari, Managing Director of Biotech & Pharma and Advisor to the Minister of Investment, stated: “This agreement illustrates the increasing confidence of leading healthcare and pharmaceutical corporations in the Kingdom’s local capabilities, as well as the lucrative investment opportunities available in the Kingdom’s growing biotechnology sector. Through partnerships like this, we are tapping into the immense potential of our healthcare ecosystem to harness innovation and deliver the highest quality care both locally and in the wider region.”
Industry sources added that the agreement will build upon Novartis’ rapidly expanding its footprints in the KSA, with an overall cumulative total contribution to GDP of the corporation in the Kingdom predicted to reach 857M USD by 2024.
