Saudi investment ministry signs 8 MoUs to boost healthcare sector|Arab News Japan

Arab News

RIYADH: Almost 4,000 new healthcare jobs are set to be created in Saudi Arabia after the Ministry of Investment signed eight memorandums of understanding, valued at SR4 billion ($1.07 billion), with seven international and local companies. 

These MoUs, inked during the Global Health Forum in Riyadh on Sunday, are expected to facilitate Saudi Arabia’s pursuit of self-sufficiency in the sector.  

These agreements will lead to the localization of the supply chain for advanced medical devices, encompassing sensors, stents and sutures. This supply will also include prosthetics, orthopedic devices, and wound care solutions, as reported by the Saudi Press Agency. 

The report further noted that these MoUs are expected to generate 3,800 job opportunities within the Kingdom. 

At the forum, Saudi Arabia also unveiled its plan to introduce comprehensive state-funded insurance coverage for all citizens by 2026, aligning with the goals outlined in Vision 2030.  

The National Insurance Program, as revealed by Saudi Arabia’s Health Minister Fahad Al-Jalajel during the Global Health Forum, won’t necessitate annual renewal and will ensure lifelong coverage for all citizens, reported the SPA. 

Furthermore, the scheme will not impose a specific ceiling, eliminating the need for prior approvals and streamlining the process for beneficiaries. 

In the same event, the health minister also unveiled investment opportunities in the healthcare sector, estimating a total of SR330 billion until 2030.  

Al-Jaleel added that the sector’s contribution to the Kingdom’s gross domestic product will reach SR318 billion by 2030, with the private industry contributing SR145 billion.  

Meanwhile, during the forum, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef, disclosed that the government is aiming to localize between 80 percent and 90 percent of the Kingdom’s insulin needs.  

In collaboration with pharmaceutical groups Sudair and Sanofi, the National Unified Procurement Co., owned by the Public Investment Fund, signed an agreement to commence local production of insulin in the country. 

Alkhorayef emphasized the ministry’s eagerness to attract investments in the pharmaceutical and healthcare sectors.  

He noted that his ministry has registered 84 pharmaceutical factories, of which 48 are licensed by the Saudi Food and Drugs Authority, with a total investment approaching SR7 billion.  

The Kingdom currently hosts 148 licensed medical devices and equipment factories, with a total investment of approximately SR3.1 billion. 

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