Pharma & Biotech Cluster
The global pharmaceuticals market is worth US$300 billion a year, a figure expected to rise to US$400 billion within the next three years. The globally Pharmaceutical industry is generating total revenues over a trillion US$ annually. The industry is a major contributor to the world's knowledge economy.
Advantages and Opportunities
The Saudi health care market is over US$26 bin growing at a rate of 12% with annual government expenditures exceeding US$8 bin on drug medications. The National Industrial Cluster Development Program (NICDP) in coordination with the Ministry of Health (MOH) and concerned government regulatory bodies is leading the development of the pharmaceutical industry in Saudi Arabia. The program aims to;
· Enhance the quality of life
· Generate economic diversification
· Cover elements of National Security fundamental for growth
· Become more self dependant to export more rather than import
· Create new job segments attractive for Saudi men and women to contribute and work in.
· Position Saudi Arabia to become a major contributor in the innovation and manufacturing of Pharmaceutical industries
Currently, there are more than 40 business opportunities in Saudi Arabia in the health care sector spread over pharmaceutical investments, R&Ds, vaccination and automating the health care systems of nearly US$20 bin.
The Saudi Arabian government is more focused toward elite and innovative foreign direct investments (FDIs). The country is after investing and transferring latest technologies. The sector already attracted leading global pharmaceutical players like GlaxoSmithKline (GSK), Sanofi & Pfizer and expecting more to come due to the continuous/dynamic regulatory reviews and infrastructure enhancements.
The Industrial Clusters is also developing clusters in Automotive, Petrochemicals, Minerals & Metal processing and Green Energy, which all economic diversification driven.