Saudi Industry Minister Calls On US Companies To Invest In Pharmaceutical And Medical Device Industries

Minister of Industry and Mineral Resources Bandar Alkhorayef has called on major US healthcare firms to invest in Saudi Arabia's expanding pharmaceutical, vaccine, and medical device sectors. This appeal was made during a high-level roundtable at the 2025 US-Saudi Investment Forum in Washington, D.C., which focused on enhancing bilateral industrial cooperation.

Alkhorayef highlighted the Kingdom's strategic initiatives aimed at localizing advanced industrial technologies. These efforts are designed to bolster national health security and establish Saudi Arabia as a competitive global hub for pharmaceutical and medical technology production. The minister detailed the comprehensive support and incentives offered by the ministry to attract investment.

The minister emphasized the significant investment opportunities within Saudi Arabia’s healthcare manufacturing sector. He noted that the market value of the Kingdom's healthcare sector has reached approximately $70 billion. The Saudi pharmaceutical market is valued at $11.5 billion, while the medical devices and equipment market is worth $6.5 billion.

During his speech, Alkhorayef stressed the importance of the Kingdom’s Vaccine and Biopharmaceutical Industry Committee. This committee plays a crucial role in accelerating the localization of pharmaceutical manufacturing by attracting investments from leading global companies. It also works to enhance regulatory frameworks and transparency standards for both local and international investors.

The meeting also addressed the ongoing industrial transformation in Saudi Arabia, aimed at boosting global competitiveness. This transformation focuses on adopting advanced manufacturing technologies, particularly those associated with the Fourth Industrial Revolution and artificial intelligence, to enhance factory operations.

Alkhorayef pointed out Saudi Arabia's competitive advantages that make it an attractive destination for investment in advanced technologies. These include favourable energy prices, robust digital infrastructure, and various incentives designed to ease the investor journey within the industrial sector.

Vision 2030: A Strategic Framework

The roundtable discussion aligns with Vision 2030 objectives and the National Industrial Strategy. These initiatives focus on localizing pharmaceutical and medical industries through effective international partnerships, technology transfer, knowledge sharing, and attracting quality foreign investments.

The event was attended by Eng. Saleh Al-Solami, CEO of the National Industrial Development Center, along with several leaders from Saudi Arabia's industry and mineral resources sector. Their presence underscores the Kingdom's commitment to fostering international collaboration in line with its strategic goals.

Saudi Arabia's healthcare sector is experiencing rapid growth due to numerous national initiatives such as the Local Content Program and Health Sector Transformation Program. These programs aim to drive development across various sectors by promoting innovation and technological advancement.

With inputs from SPA