SAUDI ARABIA – The Public Investment Fund (PIF) has created a new company dedicated to the biopharmaceutical industry called Pharmaceutical Investment Company (Lifera).
The Pharmaceutical Investment Company will focus on developing and growing the local biopharmaceutical industry, and strengthen national resilience.
In an official note, the Public Investment Fund said: “The Pharmaceutical Investment Company (Lifera) will serve as a commercial-scale contract development and manufacturing organization.”
Lifera will produce life-saving and essential pharmaceutical products through PIF’s manufacturing facilities located within the Kingdom of Saudi Arabia to create new job opportunities.
Lifera will also supply its finished pharmaceutical products including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules.
“Lifera aims to drive formulation development, medicine development, and manufacturing, as well as improve access to testing services for sterile pharmaceutical products,” stated the PIF.
According to the Public Investment Fund, Lifera will create partnerships with both local and international companies and attract targeted investments into the health sector.
The new firm is projected to increase domestic pharmaceutical production and boost local manufacturing capacity to cater to the needs of the local, regional, and global populations.
In turn, patients will have easy access to safe and affordable innovative medicines and therapies, alongside pharmaceutical products that could potentially help address global healthcare challenges.
This investment comes as foreign pharmaceutical manufacturers are actively encouraged to establish plants in Saudi Arabia through public-private partnerships and joint ventures with national entities.
It is in line with the government’s ongoing efforts to foster localization and boost local production capacity in the healthcare industry, aligning with Saudi Arabia’s Vision 2030.
Lifera is the newest addition to PIF’s growing portfolio of companies as the fund explores new investment opportunities in the Middle East and North Africa (MENA).
In his address, Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “Through strategic investments, PIF aspires to be a vital enabler acting as a catalyst to innovate and enhance the healthcare eco-system, whilst creating significant opportunities for the domestic private sector.”
Lifera is expected to play an important role in cementing Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
It is part of the Public Investment Fund’s strategies to stay ahead of the fast-growing global healthcare market, with a focus on biologics.
Similarly, PIF has made additional investments into the National Unified Procurement Company (Nupco), the leading provider of medical procurement, storage, and distribution services for medicines, devices, and medical supplies in the Saudi healthcare sector.
Badael is set to bring its tobacco-free nicotine delivery products to the Saudi market by the end of 2023 in concerted efforts to curb health expenditures related to cigarette smoking.
Through the new biopharmaceutical company, the Public Investment Fund hopes to bolster local pharmaceutical production, strengthen Saudi Arabia’s supply chains, and accelerate skills and resource development.
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