Saudi Arabia to produce SR 1 billion worth pharmaceutical products for diabetes,hypertension in 5 years
Under a joint venture program approved by Sudi Arabian General Investment Authority (SAGIA) Saudi Arabia will manufacture pharmaceutical products for the treatment of diabetes and blood pressure in the Kingdom.
With the continuous efforts of the General Investment Authority (SAGIA) through its joint cooperation with international pharmaceutical companies and leading national companies in pharmaceutical industries, an agreement between (Novartis) and (AJA Pharma) was signed this week to manufacture these pharmaceutical products in Saudi Arabia.
The agreement was signed at the head quarters of SAGIA in Riyadh by Dr. Jihad Al-Qaisi, General Manager of Novarits and Dr. Faisal bin Dayel, Deputy General Manager of AJA and head of the National Committee for Pharmaceutical Industries at the Council of Saudi Chambers in the presence of Ibrahim Al-Omar, governor of SAGIA.
The agreement underlined the transfer of technology to support manufacturing pharmaceutical products. In cooperation with Novarits, AJA will manufacture these products at its pharmaceutical plant in Hail. The agreement will provide more than 30 new job opportunities for Saudis in the pharmaceutical field during the first year.
Under the deal, an investment of SR 50 million will go into a production line and the expected value of the nationally manufactured drugs amounts to over SR 1 billion within the next five years.
Dr. Rafat Taher, Managing Director of Healthcare and Life Science at SAGIA, said, the agreement between Novarits and AJA Pharma underlines the positive investment environment of Saudi Arabia. Healthcare is one of the core economic sectors that offers promising opportunities for public private partnerships, and Medical Village sets a model in this regard, bringing not only inward investment but also the advanced technologies and know-how that will enhance the standards of healthcare delivery.
Dr. Jihad Al-Qaisi said, the company is seeking to transfer the technology and manufacture of products invented by Novartis in Saudi Arabia in line with the ambitious economic plans of the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Higness the Crown Prince Muhammad bin Salman deputy premier and Minister of Defense according to Saudi Vision 2030.
Dr. Faisal bin Dayel said, this strategic cooperation between AJA Pharma and Novartis will directly increase local content in the pharmaceutical industry, technology transfer and localization of the pharmaceutical industry in Saudi Arabia.
Dr. Faisal pointed out that AJA Pharma seeks to provide the best pharmaceutical manufacturing services in accordance with the latest methods of the global drug industry where it built a pharmaceutical plant in Hail over a 120,000 square-meter land according to the highest European and American international standards.