Minister of Industry and Mineral Resources Bandar Alkhorayef has urged leading US healthcare companies to invest in Saudi Arabia’s growing pharmaceutical, vaccine, and medical device industries during a high-level roundtable at the 2025 US-Saudi Investment Forum in Washington, D.C., focused on expanding bilateral industrial cooperation.
Speaking at the meeting, held under the theme “Advancing Healthcare Delivery Through Innovation and Biotechnology,” Alkhorayef outlined significant investment opportunities across the Kingdom’s healthcare manufacturing sector.
He detailed the comprehensive support and incentives provided by the ministry to attract and facilitate investment, emphasizing the strategic goal of localizing advanced industrial technologies. This initiative aims to strengthen national health security while positioning Saudi Arabia as a globally competitive hub for pharmaceutical and medical technology production.
Alkhorayef emphasized the vital role of the Kingdom’s Vaccine and Biopharmaceutical Industry Committee in accelerating the localization of pharmaceutical manufacturing, attracting investments from leading global companies, enhancing the attractiveness of regulatory and legislative frameworks, and raising transparency standards for local and international investors in the sector.
Alkhorayef pointed to the growth of the healthcare sector in the Kingdom, noting that its market value has reached approximately $70 billion. He added that the Saudi pharmaceutical market is valued at $11.5 billion, while the medical devices and equipment market has reached $6.5 billion.
He emphasized that the healthcare sector is experiencing rapid growth, driven by numerous national initiatives and programs, including the Local Content Program and the Health Sector Transformation Program.
During the meeting, he discussed the industrial transformation underway in the Kingdom to enhance the global competitiveness of its industries. This transformation is based on accelerating the adoption of advanced manufacturing technologies by factories, particularly those enabled by the Fourth Industrial Revolution and artificial intelligence.
He highlighted the Kingdom's competitive advantages that enable companies to invest in cutting-edge technologies, including energy prices, digital infrastructure, and incentives and initiatives designed to facilitate the investor journey in the industrial sector.
The meeting, which was attended by National Industrial Development Center CEO Eng. Saleh Al-Solami and several leaders from the Kingdom's industry and mineral resources sector, comes in line with the objectives of Vision 2030 and the National Industrial Strategy, which focuses on localizing pharmaceutical and medical industries through building effective international partnerships, transferring technology and knowledge, and attracting quality foreign investments.
