Building Saudi Arabia's "Trillion-Dollar Pharmaceutical Giant”

Can we, in the Kingdom of Saudi Arabia, build and own the largest pharmaceutical company in the world? And is the private sector in the Kingdom ready to participate in achieving this monumental goal?

The answer is undoubtedly yes! We have outstanding leadership and vision for a magnificent nation. We are capable of establishing the world's largest pharmaceutical company. Why not when we have a great "Biotechnology Strategy" with a global vision launched by His Royal Highness Prince Mohammed bin Salman, the Crown Prince and Prime Minister? Building a "Saudi Trillion-dollar Pharmaceutical Giant" is, from my perspective as a specialist in this field and guided by what His Royal Highness Prince Mohammed bin Salman said, "There is no impossible in the Saudi dictionary" and "Our ambition reaches the sky." As Saudis, our ambitionis enormous, and we can achieve anything if we have the will, determination, and clear strategic plans for implementation.

Constructing a giant pharmaceutical company in the Kingdom worth "one trillion US dollars" is a monumental task and the first of its kind globally. However, it is not impossible, considering no pharmaceutical or medical company has reached a market value exceeding one trillion US dollars globally. As of the beginning of 2024, the American pharmaceutical company "Eli Lilly and Co." is the world's largest, with a market value approaching 600 billion US dollars.

Dear reader, for the Kingdom to achieve this ambitious goal, planning and hard work on crucial and ambitious strategies are necessary. These include receiving exceptional government support, massive investments in financing, tax incentives, regulatory support, and other financial matters, all vital to creating an ecosystem conducive to significant growth in the pharmaceutical and biotechnology industries.

Intensive investment in research and development (R&D) is essential and unavoidable. This requires establishing advanced research facilities, employing top talent, and focusing on developing innovative quality drugs, especially in areas with high demand and profitability. Moreover, forming genuine strategic partnerships in drug development and technology transfer by collaborating with emerging and global pharmaceutical companies, advanced research centers, prestigious universities, and other related sectors is crucial for accessing expertise and quality technology. This includes joint efforts in drug development, clinical trials, technology transfer, and more, focusing not just on "manufacturing" but, importantly, on "industry" in general and "technology transfer" as a top priority and key to developing innovative pharmaceutical products.

Another crucial strategy for building Saudi Arabia's "Trillion-Dollar Pharmaceutical Giant" is "bold investment" in the best global opportunities in biotechnology for ownership and transfer of innovative deep technology. Additionally, mergers and acquisitions (M&A) of the best startup and medium-sized companies in the global pharmaceutical and biotechnology industries, as well as strategic alliances with the world's leading pharmaceutical companies in "drug innovation," are extremely important. This should include apparent harmony and integration in all these operations.

While focusing on the domestic market is essential and strategic, the real value lies in accessing global markets. This includes adhering to international standards and obtaining necessary approvals like the U.S. Food and Drug Administration (FDA) clearance. The U.S. market, representing approximately 40% of the global pharmaceutical market size, is considered the "golden key" to most global markets. Also, building solid global distribution networks and leveraging Saudi Arabia's strategic location and economic status to establish innovative drug manufacturing centers is beneficial at an advanced stage.

Building a solid global Saudi brand is fundamental for all of us as Saudis. Addressing global health challenges, such as participating in combating pandemics or tackling widespread diseases, will present the Kingdom as a worldwide leader in healthcare and a model for health innovation. This journey is filled with challenges and opportunities. Yet, success depends on the company's ability to adapt to continuous changes in global markets and meet evolving healthcare needs, maintaining a clear and steady vision that drives it toward achieving its ambitious goals.

In conclusion, dear reader, as we started with the saying of His Royal Highness Prince Mohammed bin Salman, we also end today's article with his quote: "We try to work only with dreamers who want to create something new in this world."