According to the Kingdom, the CDMO will help grow the local biopharmaceutical industry, strengthen national resilience, and bolster Saudi Arabia’s position as a global pharmaceutical manufacturing destination.
Lifera will focus on manufacturing pharmaceutical products, including insulins, vaccines, plasma therapeutics, monoclonal antibodies, cell and gene therapies, and innovative small molecules.
The company will also 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.
Lifera aims to drive formulation development, medicine development and manufacturing, as well as testing services for sterile pharmaceutical products, the Kingdom said.
In addition, PIF said it intends to make targeted investments and create partnerships that strengthen Saudi Arabia’s supply chains and enhance access to pharmaceutical products. The sovereign wealth fund will also aim to accelerate skills and resource development, create new job opportunities, and enable cutting-edge technology transfer from international private sector partners.
Yazeed Al-Humied, deputy governor and head of MENA investments at PIF, 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.
Since 2017, PIF has established 79 companies across its 13 strategic sectors.
