Saudi Gazette report

WASHINGTON — Minister of Industry and Mineral Resources Bandar Alkhorayef urged the US companies to invest in Saudi Arabia’s fast growing pharmaceutical, vaccine, and medical device industries. He made the remarks while addressing a roundtable meeting with leading US companies in the healthcare sector, as part of the Saudi-US Investment Forum 2025 held in Washington on Wednesday.

During the meeting, which was held under the theme "Developing healthcare through innovation and biotechnology,” Alkhorayef reviewed the promising investment opportunities in the Kingdom's pharmaceutical, vaccine, and medical equipment industries. He also highlighted the enabling factors offered by the Ministry of Industry and Mineral Resources to stimulate investment in these sectors and localize their industrial technologies, thereby achieving national health and pharmaceutical security objectives and solidifying the Kingdom's position as a global industrial hub.

Alkhorayef highlighted the vital role of the Kingdom's Vaccine and Biopharmaceutical Industry Committee in accelerating the localization of the pharmaceutical industry, as well as in attracting investments from leading global companies, increasing the attractiveness of regulatory and legislative frameworks, and enhancing transparency standards for local and international investors in the sector.

The minister noted the growth of the healthcare sector in the Kingdom, with its market value reaching approximately $70 billion. The Saudi pharmaceutical industry market alone reached $11.5 billion, while the medical devices and equipment market reached $6.5 billion. He emphasized that the healthcare sector is experiencing rapid growth thanks to numerous national initiatives and programs, including the Local Content Program and the Health Sector Transformation Program.

During the meeting, Alkhorayef said the ongoing industrial transformation in the Kingdom would enhance the global competitiveness of its industries. This transformation is based on accelerating the adoption of the latest advanced manufacturing technologies by factories, particularly applications of the Fourth Industrial Revolution and artificial intelligence. He emphasized the Kingdom's competitive advantages that enable companies to invest in cutting-edge technologies, including energy prices, digital infrastructure, and incentives and initiatives designed to facilitate the investor journey in the industrial sector. Eng. Saleh Al-Solami, CEO of the National Industrial Development Center, and a number of leaders from the Kingdom's industry and mineral resources sector participated in the meeting.

The roundtable meeting between Alkhorayef and major American companies in the healthcare sector aligns with the objectives of Vision 2030 and the National Industrial Strategy, which focus on localizing pharmaceutical and medical industries through building effective international partnerships, transferring technology and knowledge, and attracting high-quality foreign investments.