Saudi Pharmaceutical Industries and Medical Appliances Company (SPIMACO) has signed a memorandum of understanding (MoU) with Switzerland-based Hoffman La Roche to start Saudisation of cancer drug manufacturing in the kingdom.
Nationalising cancer drug production in the GCC nation is part of Saudi Vision 2030 that aims to raise drug domestic manufacturing to 40% from 20% by 2020, SPIMACO’s CEO Fahad Bin Ibrahim Alkhalaf said.
The MoU includes manufacturing a number of drugs, including three pharmaceutical compounds in the first phase, with an annual sales average of SAR 100 million.
The new medicines will be used in treating breast, colon-rectal and stomach cancer, and they will help bodies to accept transplantation of organs, Alkhalaf added.
SPIMACO deems the deal as a part of its strategic plan to expand and diversify its investments in new fields, the CEO said.