Ministry of Investment, GlaxoSmithKline Co-sign MoU

Ministry of Investment signed a memorandum of understanding with GlaxoSmithKline, in the field of health care and life sciences, to improve the investment environment, in the field of health care and life sciences and to work on localizing manufacturing and developing research and studies, through integrated projects to make the Kingdom a regional center for self-care research. The estimated value and resources of the project exceed SR150 million, during the first five years of the project.

The memorandum will create investment opportunities, develop policies for self-care and self-medicine, raise the level of services and transfer expertise and technology, and will contribute to increasing local content, allowing the opportunity to export the company’s products locally.

It will also provide job opportunities, including raising the contribution of women in the sector, for its part, the ministry will facilitate the company’s communication with the relevant government agencies and provide support to solve the challenges, it may face.

The signing of the memorandum comes as a continuation of the objectives of the Ministry of Investment in attracting investments, enabling the health care and life sciences sector to grow, facilitating access to investment opportunities, and localizing knowledge and expertise, in addition to developing systems and policies and enhancing access to health services through partnership between the public and private sectors.

The final goal is to establish functioning partnership with the private sector, to realize the social and economic transformation, in the Kingdom, within the framework of Vision 2030.