Saudi Arabia’s sovereign wealth fund has set up an investment company to produce drugs and create partnerships with local and international companies. 

The Pharmaceutical Investment Co. (Lifera) is a contract development and manufacturing concern that will enable the kingdom to become more resilient and support its goal of becoming a global pharmaceutical manufacturing destination, the Public Investment Fund (PIF) said in a statement on Sunday.

The PIF did not reveal the size of planned investments or a timeline for production to begin.

Lifera intends 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.

The company will create partnerships with leading local and international companies and attract targeted investments in order to grow local capacity and drive the development of domestic manufacturing in this sector.

(Writing by Brinda Darasha; editing by Seban Scaria)