Jeddah: Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated a pharmaceutical factory and new production lines across several medical supplies facilities during his visit to the first, second, and third industrial cities in Jeddah Governorate, advancing the localization of priority industries and supporting the Kingdom's health and pharmaceutical security goals. Among these projects, he inaugurated a factory for the production of intravenous solutions, eye drops, and cardiac and emergency medications, with an annual capacity of 450 million units. The project represents an investment of SAR650 million, with 30% of the production aimed for export.
According to Saudi Press Agency, he also laid the foundation stone for the expansion of a medical supplies factory, backed by a SAR220 million investment, to meet domestic demand and support growth in regional exports. In addition, a new production line was launched at a health consumer products facility, with an investment of SAR60 million and an annual output of 30 million units, 85% of which will be exported to GCC countries, East Asia, and North Africa.
The pharmaceutical market in the Kingdom is the largest in the Middle East, with an estimated value exceeding SAR50 billion. Between 2019 and 2024, the market grew by 41%, with the number of pharmaceutical factories reaching 58 and 176 medical device factories expanding by over 300%, largely thanks to the support of government agencies led by the Ministry of Industry and Mineral Resources.