Minister of <a style="color: #993300;" href="https://mim.gov.Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef said that the Kingdom is following a strategic and comprehensive approach to build Infrastructure for world-class biotechnology that will attract top talent, foster innovation, and position the Kingdom as a global leader in healthcare and life sciences.

This was part of the Kingdom's participation in the World Health Organization's (WHO's) Conference in the Kingdom of Saudi Arabia. This came during Al-Khorayef's participation in the ministerial dialogue session at the Riyadh Global Medical Biotechnology Summit, held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister,

Al-Khorayef emphasized the importance of the right approach to medical biotechnology. <Al-Khorayef stressed that the Kingdom recognizes the importance of the biotechnology sector and its potential, which is represented by the unique genetic makeup of its population, the digitization of disease records, and the world-class clinical and academic research infrastructure established in order to reach global leadership in the biotechnology sector, as it is estimated that biotechnology will Biotechnology will shape the future by addressing more than 45% of the currently unmet global disease burden, increasing the value of global manufacturing inputs from 25% to more than 60%, and influencing an increase in private sector R&D investment from 15% to more than 30%.

He explained that the chemical pharmaceutical sector in the Kingdom is one of the strong sectors that have proven themselves and their ability to deal with challenges during the pandemic, as there are nearly 50 registered pharmaceutical factories in the Kingdom covering the needs of the country by 28% in value and 42% in volume, with exports worth up to 1.5 million riyals.

He pointed out that the chemical pharmaceutical sector in the Kingdom is one of the strong sectors that have proven themselves and their ability to deal with the challenges during the pandemic. He noted that the Vaccines and Biopharmaceuticals Industry Committee underscores the leadership's commitment to developing this important sector, with the committee working with 13 government entities side by side under one umbrella to promote the concept of one-shop-stop service for the first time.

Minister of Industry and Biopharmaceuticals The Minister of Industry and Mineral Resources said in a previous meeting that the market size of the pharmaceutical industry in Saudi Arabia has reached 32 billion riyals ($8.6 billion) and is the largest in the region, accounting for more than 30% of the Middle East market. He also stressed that the ministry is working on developing the necessary legislation and regulations to localize this industry in partnership with stakeholders and relevant government agencies.

Minister of Industry and Mineral Resources