What Is Business Process Reengineering? A Guide to Streamlining Success

The launch of Lifera by the Public Investment Fund (PIF) marks a significant investment in the health sector. Lifera is a pharmaceutical investment venture created by the Saudi sovereign wealth fund, PIF. It aims to produce essential and life-saving drugs, including insulin, vaccines, plasma therapies, monoclonal antibodies, cell and gene therapies, and innovative small molecules.

The PIF's investment in Lifera is a response to the projected growth of the Kingdom's medicine market, which is expected to reach a value of $20 billion within the next decade. With this launch, Lifera seeks to enhance local capacity and promote domestic production by forming partnerships with leading national and international companies. By actively pursuing investment opportunities, Lifera aims to contribute to the development and accessibility of advanced medicines and treatments in Saudi Arabia.

The pharmaceutical sector in Saudi Arabia has been identified as an attractive business landscape due to factors such as the country's large and growing population, robust healthcare infrastructure, and the government's commitment to developing the sector as part of its Vision 2030 plan. Direct investments or partnerships with local firms this has led to increased investment from international pharmaceutical companies, including Novartis, Pfizer, Sanofi, Merck, and GlaxoSmithKline.

Lifera plans to collaborate with significant firms to localise manufacturing, attract investment, and enable the private sector to scale production. This approach aims to ensure more accessible access to life-saving medicines for patients while securing the supply to meet local, regional, and global demand. The PIF has a track record of funding and investing in various sectors, including the healthcare industry, and has invested in 79 companies across its 13 core sectors since 2017.

While the pharmaceutical sector in Saudi Arabia offers significant opportunities, analysts have highlighted challenges related to the regulatory environment. Issues such as inadequate intellectual property protections, procurement processes favouring local manufacturers, and improper pricing practices could threaten the favourable investment environment for innovative international pharmaceutical makers. Nonetheless, the government has implemented regulatory changes to encourage investment and foster the growth of the regional sector.

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