Saudi Arabia in deal to start local production of insulin

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National Unified Procurement Company (Nupco), a unit of Saudi sovereign wealth fund PIF, has signed an agreement with leading pharmaceutical groups Sudair and Sanofi to start local production of insulin in the kingdom.

It was signed at the three-day Global Health Exhibition which opened today (October 29) in Riyadh, under the patronage of the Minister of Health, Fahd bin Abdulrahman Al-Jalajel and in the presence of the Minister of Investment, Khalid Al Falih and Minister of Industry, Bandar Alkhorayef.

Under this deal, leading pharmaceutical companies have agreed to localise the industry and transfer knowledge.

This method contributes to maximizing the utilization of government purchasing power to achieve self-sufficiency in several strategically prioritized products.

It was made in partnership with the Local Content and Government Procurement Authority, the Expenditure and Project Efficiency Authority (Expro).

According to Nupco, the deal aims to enhance the efforts of the government system, represented by the Ministries of Health, Industry, Mineral Resources, and Investment, in localizing the medical and pharmaceutical industry.

This, in turn, contributes to achieving healthcare security in alignment with the requirements of the Saudi Vision 2030 healthcare sector transformation programme, it added.-TradeArabia News Service