Health care is a very important facet of the Kingdom’s vision
The Saudi Vision 2030 strategy document lays out clearly its objectives towards industrialization and establishing the Kingdom as a regional hub for the sectors outlined. It is a framework to help diversify the Kingdom’s economy such as health, education, infrastructure and development of public sectors.
Reference to the Kingdom’s status in the document as the “Heart of the Arabic and Muslim World; being the land of the two holy mosques, the most sacred sites for Muslims on earth”, is a powerful attraction for all, especially Muslim techno-entrepreneurs, entrepreneurs, industrialists and, scientists.
The Saudi plan has already generated a buzz in the world. Several workshops and conferences are being organized and held in the Kingdom and also in Western countries. Amidst this buzz the Saudi authorities face the challenge of identifying genuine partners or companies that will deliver on their promise.
Health care is a very important need for the young Kingdom’s future. Bio-pharmaceuticals are an important and integral part of this. Many countries including Saudi Arabia are dependent on importing medicine and drugs from outside the country at a great cost.
Giant multinational brands and other external companies are the major importers into the country and generate significant revenue from these imports. Up to 70%-80% of drugs are currently imported into the country, which is a significant health strategy concern that needs to be addressed.
The health care expenditure for Saudi Arabia increased from $405 per capita in 2004 to $1,485 in 2018, growing at an average annual rate of 10.25%. The Kingdom’s pharmaceutical expenditure is approximately 20% of the health care expenditure and rising like many other countries.
It is necessary to create a biopharmaceutical growth industry that matches the goals of Vision 2030, in innovation and commercial revenues that also reduces the Kingdoms health care expenditures.
The opportunity to conceive and promote the health and well-being of the Saudi future generations is a serious task, with impact not only on health but also the socio-economic sector. As the Saudi government approaches the challenge of transitioning from oil-based economy to diverse one, it is necessary for the government to identify and bring on board well qualified private sector interested parties who are committed to the overall spirit of the Saudi Vision 2030.
It is necessary to have leadership and maintain control, and provide support to interested companies that can deliver on their promise.
There has been progress in biopharmaceuticals manufacturing in the Kingdom namely of applications to manufacture insulin and vaccines, however, there is a serious lack of biopharmaceutical manufacturing in Saudi Arabia, and the knowledge of biopharmaceutical practices to develop innovative products, which requires significant improvement.
The COVID-19 pandemic unfortunately overlapped with a substantial drop in the global prices of crude oil, which more than halved in its market value during the pandemic in 2020. As the oil and gas sector accounts for about 50 percent of the gross domestic product (GDP), and about 70 percent of all export earnings, many people experienced significant drops in income.
Also, the COVID-19 epidemic highlights the impact of dependency on outside sources for biopharmaceuticals, especially due to the export restrictions set by many countries during the last year.
The Kingdom of Saudi Arabia (KSA) demonstrated commendable efforts to contain the spread of COVID-19 through a range of timely and well-developed measures to mitigate the impact. The government invested more than 7% of GDP to alleviate the impact of COVID-19 on the economy.
Despite the significant efforts of the government, the scale of the COVID-19 pandemic generated socio-economic disruptions in the country and beyond, affecting every sector of the economy and every aspect of life. However, in the rest of the world the life sciences industry sustained considerable growth.
Aside from the recent COVID-19 crises, Saudi Arabia has to plan to mitigate its own indigenous health problems. The health profile of the Kingdom shows a high incidence of diabetes and other familial and congenital diseases that requires substantial health resources.
Under the Vision 2030, KSA is attempting to execute a slew of economic reforms aimed at reducing KSA’s dependence on oil for economic activity and revenues. We believe the life sciences vision of 2030 is the future that develops innovative biotechnology and gene therapy products in the KSA.
This will require a visionary approach with visionary individuals, who can develop biotechnology and gene therapy solutions that will place KSA in the forefront of biopharmaceutical innovation, and create a significant alternative to an oil-based economy, by creating high paying jobs and sustained growth of an industry well into the 21th century.
As the Saudi Vision 2030 plan has pointed out, Saudi Arabia ‘s effort towards industrialization and socio-economic progress is of great importance to Muslims all over the world.
The Saudi plan has already generated a buzz in the world. Several workshops and conferences are being organized and held in the Kingdom and also in Western countries. Amidst this buzz the Saudi authorities face the challenge of identifying genuine partners or companies that will deliver on their promise.
Health care is a very important need for the young Kingdom’s future. Bio-pharmaceuticals are an important and integral part of this. Many countries including Saudi Arabia are dependent on importing medicine and drugs from outside the country at a great cost.
Giant multinational brands and other external companies are the major importers into the country and generate significant revenue from these imports. Up to 70%-80% of drugs are currently imported into the country, which is a significant health strategy concern that needs to be addressed.
The health care expenditure for Saudi Arabia increased from $405 per capita in 2004 to $1,485 in 2018, growing at an average annual rate of 10.25%. The Kingdom’s pharmaceutical expenditure is approximately 20% of the health care expenditure and rising like many other countries.
It is necessary to create a biopharmaceutical growth industry that matches the goals of Vision 2030, in innovation and commercial revenues that also reduces the Kingdoms health care expenditures.
The opportunity to conceive and promote the health and well-being of the Saudi future generations is a serious task, with impact not only on health but also the socio-economic sector. As the Saudi government approaches the challenge of transitioning from oil-based economy to diverse one, it is necessary for the government to identify and bring on board well qualified private sector interested parties who are committed to the overall spirit of the Saudi Vision 2030.
It is necessary to have leadership and maintain control, and provide support to interested companies that can deliver on their promise.
There has been progress in biopharmaceuticals manufacturing in the Kingdom namely of applications to manufacture insulin and vaccines, however, there is a serious lack of biopharmaceutical manufacturing in Saudi Arabia, and the knowledge of biopharmaceutical practices to develop innovative products, which requires significant improvement.
The COVID-19 pandemic unfortunately overlapped with a substantial drop in the global prices of crude oil, which more than halved in its market value during the pandemic in 2020. As the oil and gas sector accounts for about 50 percent of the gross domestic product (GDP), and about 70 percent of all export earnings, many people experienced significant drops in income.
Also, the COVID-19 epidemic highlights the impact of dependency on outside sources for biopharmaceuticals, especially due to the export restrictions set by many countries during the last year.
The Kingdom of Saudi Arabia (KSA) demonstrated commendable efforts to contain the spread of COVID-19 through a range of timely and well-developed measures to mitigate the impact. The government invested more than 7% of GDP to alleviate the impact of COVID-19 on the economy.
Despite the significant efforts of the government, the scale of the COVID-19 pandemic generated socio-economic disruptions in the country and beyond, affecting every sector of the economy and every aspect of life. However, in the rest of the world the life sciences industry sustained considerable growth.
Aside from the recent COVID-19 crises, Saudi Arabia has to plan to mitigate its own indigenous health problems. The health profile of the Kingdom shows a high incidence of diabetes and other familial and congenital diseases that requires substantial health resources.
Under the Vision 2030, KSA is attempting to execute a slew of economic reforms aimed at reducing KSA’s dependence on oil for economic activity and revenues. We believe the life sciences vision of 2030 is the future that develops innovative biotechnology and gene therapy products in the KSA.
This will require a visionary approach with visionary individuals, who can develop biotechnology and gene therapy solutions that will place KSA in the forefront of biopharmaceutical innovation, and create a significant alternative to an oil-based economy, by creating high paying jobs and sustained growth of an industry well into the 21th century.
As the Saudi Vision 2030 plan has pointed out, Saudi Arabia ‘s effort towards industrialization and socio-economic progress is of great importance to Muslims all over the world.