The Clap
The Public Investment Fund launched the pharmaceutical investment company Lifera as part of the state’s efforts to accelerate the transition of its economy away from oil.
What
Through this “qualitative investment” in the healthcare sector, the PIF aims to support the sector’s growth and enhance its resilience by producing vital medicines on a commercial scale in through pharmaceutical development and manufacturing platforms in KSA, contributing to the consolidation of the country’s position as a global destination for drug production.
So What
Lifera is looking to focus on manufacturing essential, life-saving pharmaceutical products like insulin, vaccines, plasma drugs, antibodies, cell and gene therapies in Saudi Arabia.
Through the new company, the PIF also plans to establish partnerships with local and international companies to attract investments directed to the development of local capabilities to encourage local manufacturing in this sector, support local supply chains, and facilitate access to pharmaceutical products.
Now What
The PIF, which has established 79 companies in 13 sectors since 2017, has made it clear that its main objective is to act as a catalyst for development and innovation and provide job opportunities in the local healthcare sector.
