Riyadh, Saudi Arabia. For illustrative purposes only. Image Credit: Agency

Abu Dhabi: The Pfizer viral and genetic vaccines will be made in Saudi Arabia following a new agreement aimed at enabling the Kingdom to keep pace with the industry.

The Saudi Ministry of Industry, the King Abdullah International Centre for Medical Research (Kimar), and the Pfizer Scientific Foundation have agreed to build the foundations for the manufacture of viral and genetic vaccines in the Kingdom, local media reported.

This came on the sidelines of the Riyadh Global Medical Biotechnology Summit 2021, in the presence of a group of health experts in the world via video broadcast, organised by the King Abdullah International Centre for Medical Research at the Ritz-Carlton Hotel.

Saudi Minister of Health, Tawfiq Al Rabiah, said that the Riyadh Summit for Medical Biotechnology comes at a time when it has become necessary to discuss the areas of developing this technology because of its direct and close relationship with human health, noting that the global market value of biotechnology is expected to reach nearly $700 billion by 2025.

Al Rabiah added, “Global sales of biotechnology drugs are expected to reach approximately $315 billion this year.”