The Public Investment Fund (PIF) today announced the establishment of the Pharmaceutical Investment Company (Lifera), a commercial-scale contract development and manufacturing organization, to enable the growth of the local biopharmaceutical industry, strengthen national resilience, and supporting Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
Lifera intends to focus on manufacturing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules. The company will create partnerships with leading local and international companies and attract targeted investments in order to grow local capacity and drive the development of domestic manufacturing in this sector.
The global healthcare market is expected to develop rapidly over the next decade with innovation in medicines and therapies, advances in precision medicine, genomics and the wide range of treatment modalities available. Lifera aims to drive formulation development, medicine development and manufacturing, as well as testing services for sterile pharmaceutical products. These high-value services play a key role in helping improve access to, and the security of, therapies that address pressing healthcare needs of the Saudi and global population.
PIF intends to make targeted investments and create partnerships that strengthen Saudi Arabia’s supply chains, enhance access to pharmaceutical products, accelerate skills and resource development, create new job opportunities, and enable cutting-edge technology transfer from international private sector partners.
The Deputy Governor and Head of MENA Investments at PIF, Yazeed bin Abdulrahman Al-Humied, said: “PIF is investing to enable a leading health sector in Saudi Arabia, supporting the development of and access to advanced medicines and treatments. Biologics represents one of the most critical and fastest-growing pharmaceutical segments, both in Saudi Arabia and globally. Lifera intends to partner with leading companies in the sector to localize manufacturing, attract investment and enable the private sector to scale up, ensuring easier access for patients, whilst securing supply of life-saving medicines that can meet local, regional and global demand.”
Through strategic investments, PIF aspires to be a vital enabler acting as a catalyst to innovate and enhance the healthcare eco-system, whilst creating significant opportunities for the domestic private sector. In its efforts to enable the supply chain of medicines, PIF has also invested in the National Unified Procurement Company (Nupco), the leading provider of medical procurement, storage, and distribution services for medicines, devices and medical supplies to the Saudi healthcare sector. Since 2017, PIF has established 79 companies across its 13 strategic sectors.
Source: Saudi Press Agency
