New pharma companies to enter Saudi Arabia in the next two years: report

Saudi Arabia will witness the entry of ten new pharmaceutical producers over the next two years, Faisal Al Dayel, chairman of the National Committee for Pharmaceutical Industries at the Council of Saudi Chambers, told Al-Eqtisadiah newspaper.

The new pharmaceutical plants will boost the local production capacity from the current 10 billion pills annually by 30 percent over the next five years.

The number of pharmaceutical plants operating across the Kingdom will also increase to 30, Dayel said.

Saudi Arabia is planning to boost pharmaceutical exports to Europe going forward, as exports account for just 10 percent of local production.

The private medical sector consumes 60 percent of local production, while the public sector utilizes the remaining 40 percent.

In addition, some pharmaceutical producers submitted a proposal for setting up a scientific research firm to develop new medications for the local and neighboring markets, Dayel added.