Riyadh: Saudi Arabia’s Public Investment Fund (PIF) announced the establishment of the Pharmaceutical Investment Company (Lifera), on Sunday.
Lifera will be a commercial-scale contract development and manufacturing organisation that will enable the growth of the local biopharmaceutical industry, strengthen national resilience, and supporting Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
Lifera’s focus will be 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.
“The global healthcare market is expected to develop rapidly over the next decade with innovation in medicines and therapies, advances in precision medicine, genomics and the wide range of treatment modalities available. Lifera aims to drive formulation development, medicine development and manufacturing, as well as testing services for sterile pharmaceutical products. These high-value services play a key role in helping improve access to, and the security of, therapies that address pressing healthcare needs of the Saudi and global population,” PIF said in a statement.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “PIF is investing to enable a leading health sector in Saudi Arabia, supporting the development of and access to advanced medicines and treatments. Biologics represents one of the most critical and fastest-growing pharmaceutical segments, both in Saudi Arabia and globally. Lifera intends to partner with leading companies in the sector to localize manufacturing, attract investment and enable the private sector to scale up, ensuring easier access for patients, whilst securing supply of life-saving medicines that can meet local, regional and global demand.”
