Al-Falih made the comments at the inauguration of the firm’s new headquarters at Laysen Valley in Riyadh on Tuesday, as the company celebrated its 125th anniversary.

“For more than three decades, Roche has had an important presence in the Kingdom. The MoU signed in February of 2021 between MISA and Roche was an injection that gave our collaboration a welcome rejuvenation,” said Al-Falih.

“The relationship with Roche is fundamental to the Kingdom … to enable the healthcare sector in the Kingdom to be more comprehensive, effective and integrated. This comes along with advancing our goal to be a global biotechnology and life sciences hub,” Al-Faleh added.

Dr. Christoph Franz, chairman of the board of directors of Roche Holding Ltd., said: “At Roche, we spend $14 billion every year for research and development … more than any healthcare company in the world.”

Franz said the investment in research helps to develop “new molecules which help people with serious diseases. It is only if we have this capability will we have a bright future.”

On the sidelines of the event, a strategic partnership was signed between Roche and King Faisal Specialist Hospital and Research Center in the presence of Al-Falih.

The agreement aims to promote a sustainable healthcare system and cooperation in clinical trials and scientific research, especially in the diagnosis of different types of cancers.