The Saudi Arabian pharmaceuticals industry is anticipated to rise during this COVID 19 pandemic as a result of factors including funding from numerous firms active in the Saudi Arabian pharmaceuticals market, investments, research, and development of novel medications targeting COVID 19. The Coalition for Epidemic Preparedness and Innovations (CEPI) and Gavi, the Vaccine Alliance announced in April 2020 that the Kingdom of Saudi Arabia, a member of the Group of 20, had committed US$ 150 million to the development of the COVID-19 vaccine and had invested in the manufacturing capacity needed to create a secure and effective vaccine against COVID-19 infection. For the development of COVID-19 vaccines, CEPI collaborates with Curevac, Inovio Pharmaceuticals, Moderna, Novavax, The University of Hong Kong, The University of Oxford, The University of Queensland, and a group headed by Institut Pasteur.
The market for Pharmaceuticals In Saudi Arabia is anticipated to reach a value of US$ 10,191.4 Mn in 2020 and grow at a CAGR of 7.3% from 2020 to 2027.
Leading Companies in the Saudi Arabia Pharmaceuticals Industry:
1. Pfizer Inc.: Pfizer Inc. is a pharmaceutical and biotechnology company based in America. It was founded in the year 1849. Pfizer manufactures and produces vaccines and medicine related to oncology, neurology, cardiology, and immunology. The corporation has produced various products that yield more than US$1 billion in annual revenue. The company ranked 64th on the Fortune 500 and 49th on the Forbes Global 2000. The headquarters are located in New York City, U.S. and the products manufactured are sold worldwide. The company was founded by Charles Pfizer and Charles F. Erhart. In 2022, the company acquired Arena Pharmaceuticals for US$ 6.7 Billion. In October 2022, Pfizer completed the acquisition Biohaven Pharma for US$ 11.6 Billion.
2. Sanofi S. A.: Sanofi S.A. is a multinational pharmaceutical company that engages in the research and development, of pharmacological products, in the prescription market. The firm cover therapeutic areas like Cardiovascular, central nervous system, diabetes, internal medicine. The company was founded in 973 and the headquarters are located in Paris, France. Products manufactured include Medications, Genetic drugs, Vaccines, Animal Health, etc. December, 2022 Sanofi expanded its collaboration with Innate Pharma, with Sanofi licensing a natural killer (NK) cell nagger program targeting B7H3 from Innate’s ANKET platform.
3. GlaxoSmithKline Plc.: According to overall sales, GSK is one of the biggest corporations in the pharmaceutical sector. The corporation exercises its influence in a number of therapeutic areas, including vaccines, cancer, antiviral, and respiratory treatments. GSK employs collaborative ventures to increase its market share in niche sectors like the HIV market. Established in 2000. Located in England, in the United Kingdom. A deal has been reached for GSK to purchase BELLUS Health, a late-stage biopharmaceutical startup.
4. AstraZeneca Plc: AstraZeneca was created in 1999 through the union of the Swedish company Astra with the British company Zeneca Group. The company sells branded medications in a number of important therapeutic categories, including those for gastrointestinal, diabetic, cardiovascular, respiratory, cancer, immunology, and rare disorders. Nearly one-third of its sales originate from the United States, which is one of the largest foreign markets. CinCor Pharma will be acquired by AstraZeneca to bolster its cardiorenal pipeline.
5. Baxter International Inc.: owner of a healthcare organisation. In addition to IV and other sterile solutions and administration sets, premixed medications and drug-reconstitution systems, IV nutrition products, infusion pumps, and inhalation anaesthetics are among the goods the firm manufactures that are utilised in the delivery of fluids and medications to patients across the continuum of care. built in 1931. Baxter completes the purchase of Hillrom, creating a $15 billion global leader in medical technology, with headquarters in the U.S
6. Tadawi Pharmacies: Leading Pharmacy Company in Kuwait, Tadawi Pharmacies is committed to offering our cherished clients first-rate health and wellbeing services. A rapidly expanding retail pharmacy business was founded in Kuwait in 2007.
7. Jamjoom Pharmaceuticals Co: In 2000, Jamjoom Pharma began conducting business in Saudi Arabia. The business has constantly demonstrated tremendous growth and expansion, solidifying its position as one of the most rapidly expanding in the Middle East, Africa, and CIS countries.
Definition: Pharmaceutical, substance used in the diagnosis, treatment, or prevention of disease and for restoring, correcting, or modifying organic functions.
