The Saudi Public Investment Fund "Al-IFAD" announced today the establishment of the pharmaceutical investment company "lifera", specialized in large-scale pharmaceutical industries, to enable the growth of the sector and enhance its flexibility by working on the production of vital medicines on a commercial scale in the kingdom of Saudi Arabia through pharmaceutical development and manufacturing platforms, helping to consolidate the kingdom's position as a global destination for the production of medicines.
"Lifera" intends to focus on the manufacture of basic and life-saving pharmaceutical products in the kingdom, such as: insulin, vaccines, plasma and antibody drugs, Cellular and gene therapies, innovative small molecules, and intends to establish partnerships with leading local and international companies, with the aim of attracting investments directed to the development of local capabilities, which contributes to enhancing local manufacturing in this sector.
This step comes in light of the expectations of the accelerated growth and development of the global healthcare sector for the next decade, along with the development of health services and medical innovations, advances in modern medicine, genetics and available treatments, and "lifera" will seek to support the development of pharmaceutical formulations and production, as well as services testing sterile pharmaceutical products, which are essential high-value services that in turn may contribute to achieving drug security, and to meet the great need for the healthcare sector in the Kingdom and the world.
PIF intends to implement targeted investments through the establishment of partnerships that support local supply chains and facilitate access to pharmaceutical products, which in turn may contribute to enhancing efforts to develop and qualify national competencies in this field and create new job opportunities, in addition to enabling the transfer of advanced technology from the fund's partners in the private sector globally.
Yazid bin Abdulrahman al-Hamid, Deputy Governor of the Public Investment Fund and head of the investment department in the Middle East and North Africa, said: "the fund's investment comes to enable the kingdom to achieve leadership in the healthcare sector by supporting the development of advanced medicines and treatments and facilitating access to them .