The Ministry of Investment yesterday signed a Memorandum of Understanding (MoU) with Janssen, a leading pharmaceutical company of the Johnson & Johnson Group, in the presence of H.E. Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, H.E. Minister of Health Dr. Tawfiq bin Fawzan Al-Rabiah, H.E. Minister of Industry and Mineral Resources Mr. Bandar bin Ibrahim Al-Kharif and a number of their Excellencies and officials from relevant authorities.
The memorandum aims to establish a partnership to develop strategic initiatives to enhance the Kingdom's healthcare and life sciences capabilities, with the aim of enhancing societal, health and economic development, contributing to the realization of the objectives of the Kingdom's Vision 2030.<His Excellency the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, emphasized that the Kingdom is continuing its journey to develop the biotechnology and healthcare sector, which is expected to contribute strongly to economic growth in the Kingdom and be globally competitive.
He said: “The Kingdom aims to be a global platform for companies operating in the health and life sciences sector, through four work streams aimed at providing initiatives to enhance the investment environment in the health sector, in addition to its target to be a major headquarters for companies operating in the sector and the associated supply chains,” noting that the Kingdom represents more than 40% of the health market.He stressed that the Kingdom aims to enhance and expand research activities in the pharmaceutical sector, from drug invention to clinical research, stressing that on the industrial side, the Kingdom aspires to localize the pharmaceutical industry and related expertise and science and aims to provide high-level health services based on efficiency and innovation.
His Excellency Engineer Al-Falih expressed his happiness that a giant and ancient company like Johnson & Johnson, represented by Janssen, is moving towards building bridges of cooperation and work in this sector in the Saudi market.
For his part, His Excellency the Minister of Health, Dr. Tawfiq bin Fawzan Al-Rabiah, stressed that the MoU will promote investments in the health sector to reflect on the development of health services in the Kingdom, noting that the signing of the MoU between the Ministry of Investment and Janssen contributes to the integration of joint government efforts, which serves to develop the health system as a whole, including research in the scientific and health fields, the development of pharmaceutical industries, and the conduct of clinical studies.The MOI between the Ministry of Investment and Johnson & Johnson, represented by Janssen, spans five years and will develop a number of initiatives in the healthcare and life sciences sector. The framework established through the MOI includes several tracks to develop and prepare the investment environment in the healthcare and life sciences sectors in the Kingdom, including enhancing the business and financing environment, supporting data and clinical studies, enabling human capital development, and promoting research, development and innovation.
The MOI was signed by the Ministry of Investment and Janssen, which is represented by Janssen.
