RIYADH: Saudi Arabia’s Ministry of Investment has signed an initial agreement with Swiss pharmaceutical company Novartis to expand the Kingdom’s biopharmaceutical capabilities.
As per the agreement, the parties will work to expand local investment activities in areas of cell and gene therapy, transfer of technologies and clinical research development, according to a statement.
In addition to next-generation therapies in an effort to reduce the burden of treatment on Saudi Arabia’s national healthcare budget.
The parties aim to build local talent and capabilities as they aspire to reach 75 percent Saudization.
“As the Kingdom continues to diversify its economy through Vision 2030, our National Investment Strategy has made the Kingdom a stable and competitive destination, as doing business has become quicker, easier, and less costly than ever before, because of policy and regulatory reforms,” said Investment Minister Khalid Al-Falih.
Novartis’ total contribution to the Kingdom’s gross domestic product is expected to reach $857 million by 2024 amid the firm’s rapid expansion in the Kingdom.