SPIMACO’s subsidiary seals deal with Merck to manufacture type 2 diabetes meds in KSA

19/11/2023 Argaam
The signing ceremony

The signing ceremony

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)’s subsidiary, Dammam Pharma Co., sealed a strategic alliance agreement with Merck Sharp & Dohme International (MSD) to manufacture type 2 diabetes medications in the Kingdom, with production slated to begin in Q1 2024.

 

The agreement is in line with the Saudi Vision 2030 goals aimed at enhancing health and pharmaceutical security in the Kingdom. This is in addition to supporting the National Strategy for Industry, which seeks to localize the pharmaceutical industries, SPIMACO said on its X official account.

 

It also indicated that the project would provide opportunities to transfer highly specialized pharmaceutical technologies.

 

Dammam Pharma is SPIMACO’s 85%-owned subsidiary, according to Argaam’s data.

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