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 dependent 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.