According to Yazeed A. Al-Humied, deputy governor and head of MENA Investments at the Public Investment Fund (PIF), Saudi Arabia is moving into the pharmaceuticals industry.
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Saudi Arabia’s sovereign wealth fund on Sunday launched a commercial-scale contract development and manufacturing organization, Lifera, to help boost the local biopharmaceutical industry.
The pharmaceutical investment company aims to focus on manufacturing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules, said an official statement.
It seeks to bolster Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF, said: “PIF is investing to enable a leading health sector in Saudi Arabia, supporting the development of and access to advanced medicines and treatments.”
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