Riyadh, Saudi Arabia – Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical manufacturing following an investment of $3.9 billion in research and development (R&D) since 2021.
The country’s strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare and food security challenges, as outlined in Saudi Vision 2030.
The latest report by Strategy& Middle East, part of the PwC network, highlights the remarkable growth of the biotech industry globally, encompassing areas such as human health, agriculture, resource recovery, and recycling.
With initiatives like the Saudi Human Genome Program and the Saudi Network for Clinical Trials, Saudi Arabia is well-placed to establish a biotech cluster over the next decade.
“The health, social and economic benefits of a thriving biotech sector in Saudi Arabia are significant. Biotechnologies, with their ability to develop groundbreaking technologies and medical products, can revolutionize not just the national non-oil economy, but everything from the chemicals industry to agriculture, food security, and human health,” said Dr Walid Tohme, Partner with Strategy& Middle East.
To sustain the sector’s growth and achieve global prominence, the report identifies four key enablers for policymakers and the private sector to focus on: One, more investment in patient capital for the commercialization of marketable biotech products is necessary. Two, promoting world-class education, particularly in science, technology, engineering, and math (STEM), will cater to the growing talent requirements of the biotech industry. Three,: a robust digital infrastructure, including internal networks, cloud computing, cybersecurity, advanced AI, analytics, and robotics, is essential for sustained growth.And four, proactive and innovation-led regulation, along with attractive incentives, are crucial to attracting investors, protecting intellectual property, and fostering inward investment.