SEOUL, October 17 (AJP) - South Korea's Daewoong Pharmaceutical said Friday it has begun discussions with the Saudi Arabian government on introducing innovative drugs and developing a biotechnology ecosystem that includes research, development, and manufacturing investments.
The talks reflect Saudi Arabia’s growing ambition to localize pharmaceutical production and expand its bio-manufacturing capacity as part of its broader economic diversification strategy under Vision 2030.
Saudi Deputy Health Minister Khalid Alburaikan and Strategic Cooperation Director Sarah Aref recently visited Daewoong’s headquarters in Seoul, where they met with company executives to discuss collaboration opportunities.
The discussions centered on drug development, clinical research, and the establishment of production facilities in the kingdom, the company said. Officials from South Korea’s Ministry of Health and Welfare and the Korea Health Industry Development Institute also attended the meeting.
Saudi Arabia, the largest pharmaceutical market in the Middle East, was valued at about $13 billion last year and is projected to grow to $19 billion by 2030. The government has been accelerating efforts to strengthen pharmaceutical self-sufficiency and attract global investment into its bio sector.
Daewoong, one of South Korea’s leading drugmakers, launched its botulinum toxin product Nabota in Saudi Arabia earlier this year and plans to introduce additional treatments, including Fexuclu for gastroesophageal reflux disease and Enblo, an SGLT-2 inhibitor for diabetes.
The company said the recent discussions also covered cooperation on local clinical trials and regulatory approvals. Daewoong plans to participate in the Saudi Global Health Exhibition in Riyadh later this month and will host its global training program for medical professionals in Saudi Arabia by the end of the year.
“We confirmed that Saudi Arabia’s vision for its pharmaceutical and bio industries aligns with Daewoong’s global cooperation goals,” said Park Sung-soo, the company’s chief executive. “We hope to contribute to the growth of Saudi Arabia’s bio industry and improve the quality of life for local consumers through long-term collaboration.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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