Saudi Arabia's industry and Mineral Resources minister said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA.
The Minister Bandar Alkhorayef, who heads the newly-established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom's push towards achieving pharmaceutical security and making Saudi Arabia a more prominent hub for the sector.
The investments will be implemented in two phases. The first includes techniques for manufacturing basic child vaccines and insulin, while the second aims to localize immunological and cancer drugs industry.
Saudi Arabia is currently importing all its needs of vaccines and biopharmaceutical drugs, the minister said.
(Reporting and Wiriting By Moaz Abd-Alaziz; Editing by David Gregorio)