Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has announced a revamped five-year strategy which includes an upgraded research and development division, as well as streamlining operations. 

In a statement to the Saudi Stock Exchange (Tadawul) the company said the new strategy will focus on recalibration and capitalisation of long-term opportunities. 

The statement said some steps have already been taken, including increased oversight in the value chain and a rollout of a new organisational structure and revised incentive schemes. 

The company announced a loss of SAR 45.8 million ($12.2 million) for the third quarter of 2022. 

SPIMACO said the full revamped strategy will be revealed at Capital Markets Day on 7 February 2023. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)