South Korea’s leading drugmaker Daewoong Pharmaceutical said Friday that Saudi Arabian government officials, including Deputy Minister of Health Khalid Alburaikan and Director Sarah Aref, recently visited its Seoul headquarters to discuss potential collaborations in the pharmaceutical and biotechnology sectors.
The meeting aimed to share Saudi Arabia’s current development strategies for its biopharma industry and explore opportunities for new drug introduction. Discussions covered a range of topics including local clinical trials, product licensing, and the establishment of production facilities in Saudi Arabia.
Other officials from Korea’s Ministry of Health and Welfare and the Korea Health Industry Development Institute also attended, reviewing ways to strengthen bilateral cooperation in the pharmaceutical sector.
Saudi Arabia, the largest pharmaceutical market in the Middle East valued at about $13 billion, is projected to expand to $19 billion by 2030 as the government pushes to boost bio-manufacturing capacity and localize drug production.
Meanwhile, Daewoong entered the Saudi market in January with Nabota, its high-purity botulinum toxin product, and is currently preparing to launch additional drugs such as Fexuclue for gastroesophageal reflux disease and Envlo for diabetes.
The company will also participate in the Saudi Global Health Exhibition in Riyadh this October to continue discussions with Saudi authorities. By the end of the year, Daewoong plans to host “NMC MENA,” a medical training program aimed at enhancing the surgical capabilities of health care professionals, for the first time in Saudi Arabia.
“We confirmed strong alignment between Saudi Arabia’s vision for the biopharma industry and Daewoong’s global partnership model,” Daewoong co-CEO Park Seong-soo said. “Through this mid- to long-term collaboration, we will continue to help advance Saudi Arabia’s biotechnology ecosystem and improve the quality of life for local patients.”
andreahaneu@heraldcorp.com
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