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MAS Company has signed $60m deal with an Argentinian company
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Country’s pharmaceutical drugs market estimated to be worth $10.19b in 2020
Saudi Arabia has set itself the target of ridding the kingdom of the foot-and-mouth disease (FMD) common in livestock that can transfer to humans. In this direction, it has teamed up with an Argentinian biotechnology company Biogénesis Bágo to build the kingdom’s first FMD vaccine manufacturing plant.
The Riyadh-based veterinary service provider MAS Company signed a $60 million deal with the Argentinian company at a ceremony that took place on Monday and was endorsed by the Saudi Ministry of Environment, Water and Agriculture and hosted by Abdulrahman Al-Fadley, president of the Saudi Food and Drug Authority.
FMD is a contagious virus among livestock animals that can affect humans, and the new agreement aims to help Saudi Arabia become the first Arab country to be rid of the disease.
The Kingdom’s pharmaceutical drugs market is a vital part of this growth. It was estimated to be worth $10.19 billion last year and is expected to grow at an annual rate of 7.3 percent over the next six years, according to a report by US-based research company Coherent Market Insights.
The new manufacturing facility will be built in three phases and is due to be completed within four years. Once it starts operation, it will create more than 400 job opportunities and will have the capacity to produce 200 million vaccines doses per year, Dr. Esteban Turic, CEO of Bioegénesis Bagó, told Arab News, adding that the agreement was part of its expansion plans.
“We are considering additional facilities for new animal vaccines needed in the country and wider region,” he said.