A recent study conducted by Strategy& Middle East, a part of the PwC network, reveals that Saudi Arabia has positioned itself as a global biotech hub by making a substantial investment of $3.9 billion in the sector since 2021. The report titled ‘Accelerating Saudi Arabia’s Biotechnology Sector’ focuses on the various research and development initiatives that have been financially supported in the industry.
In light of reports projecting significant merger and acquisition activity in the pharmaceutical and life sciences sector in the US, reaching between $225 billion and $275 billion in 2023, the report highlights Saudi Arabia’s potential to become a leading biotech cluster over the next decade. The country boasts state-of-the-art laboratories and has initiated programs like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, which position it favorably for biotech development.
For sustainable growth in biotechnology, the report recommends four key enablers: increasing public and private funding for commercialisation, expanding the talent pool and human capital, developing essential infrastructure, and establishing a robust framework of regulations and incentives. By implementing these measures, Saudi Arabia can further bolster its biotech sector and enhance its global prominence in the field.
