Nearly 89 percent of the member companies in the global Research-Based Pharmaceutical Companies (Local Area Working Group-LAWG) organized under the umbrella of the Riyadh Chamber of Commerce showed very promising results in the survey, highlighting the estimated impact of these localization projects and how they are aligned with the priorities of the Saudi government and the Saudi Food and Drug Authority (SFDA).
One hundred percent of the participating companies in the survey confirmed having plans for localization of a variety of their products and brands in Saudi Arabia.
The outcome of the survey showed that more than 500 innovative products are expected to be produced at 23 local manufacturing facilities located across the Kingdom, resulting in more than 500 newly created jobs for Saudis.
The estimated value of the products to be localized as part of these projects is around SR6.8 billion per year, which represents nearly 36 percent of the total Saudi pharmaceutical market.
Professor Mohammed Al Meshal, Executive President of SFDA, said: “The results of the survey findings are very promising. It shows the importance of the Saudi market for the global pharmaceutical companies and is a clear indication of the SFDA’s role in supporting and developing the local pharmaceutical industry and collaboration between the SFDA and the pharmaceutical companies.”
Adding his comments, Rami Fayed, Chairman of the Research-Based Pharmaceutical Companies Group and General Manager of AbbVie Biopharmaceuticals Saudi Arabia, said: “Localizing key medicines is one of our priorities in Saudi Arabia. This is an important market and we believe that our collaboration as leading pharmaceutical companies will contribute to enhancing the development of the pharmaceutical industry and healthcare environment in the Kingdom.”
He added: “We intend to be strategic partners with the Saudi government and local stakeholders since our investments and plans for the Kingdom correspond with the country’s vision and priorities in healthcare.”
The pharmaceutical industry Local Area Working Group LAWG (Pharma Group) is formed to represent the pharmaceutical research and biopharmaceutical companies operating in the Kingdom of Saudi Arabia. LAWG is organized under the umbrella of the Chamber of Commerce and the member companies include research based multinational companies such as AbbVie, Pfizer, GSK, Sanofi, Novartis, Abbott, Bayer, MSD, Servier and Novo. Rami Fayed, General Manager of AbbVie Saudi Arabia is the Chairman of the LAWG, Hussein El-Hakim, Country Manager of Pfizer is the Vice Chairman and Baleegh Al-Yousef is the Secretary General of the group.
LAWG members are committed to finding tomorrow’s cures and treatments for some of the most serious diseases. New innovative medicines, providing doctors and their patients with safe and effective treatment options and extending and improving quality of life are an integral part of the healthcare system. The LAWG is dedicated to supporting innovative medical research, yield progress for patients today and provide hope for the treatments and cures of tomorrow.© Copyright - Saudi Gazette