The American Pfizer opens the first pharmaceutical factory in Saudi Arabia

28 Jul 2016
After obtaining its commercial legislation

The American global pharmaceutical corporation Pfizer intend to open a factory in the Kingdom next year, after issuing investment legislation from Saudi Arabian General Investment Authority (SAGIA) which will contribute in pharmaceutical investments sector.

The new legislation grants Pfrits corporation full ownership in Saudi Arabia trade sector which includes import-export, trade in products and supplying the innovative and essential medicines directly to the Saudi market.

Pfrits ensure its mutual commitment develop health care sector in the Kingdom and declare its intention to open a factory in King Abdullah Economic City by the year 2017, which will develop and produce 16 kinds of medicines.

The new legislation allows Pfrits to study other investments opportunities which will contribute to health care programs in Saudi Arabia as part of the National Transformation Program.

Minister of Trade and Investment Dr. Majed Abdullah Al-Kassabi the chairman of Saudi Arabian General Investment Authority said: “Pfrits is one of the largest global corporations investing in the Kingdom and by obtaining investment legislation to work in retail and trade with full ownership, this will contribute to expanding its activities to nationalize the pharmaceutical industry in the Kingdom. Pfrits presented a distinctive action plan for the upcoming projects in many districts in Saudi Arabia”.

His Excellency Dr. Al-Kassabi assure that “Pfrits will be granted all the facilitations needed from the all government organizations in the Kingdom under effective partnership between both the private and government sectors to attain the Kingdom’s development objectives, one of which is the enforcement of global and grand corporations’ investments in the Saudi market, inspired by the Saudi Vision 2030.

In this occasion, John Young the Group President of Pfizer’s Global said: “We are happy and proud to be one of the first corporations obtaining commercial legislations on the active plan of Saudi Arabian General Investment Authority, and this is another step in our long- term commitment with Saudi Arabia and an indication of our mutual commitment to the Saudi government to provide reliable and permanent supplies of innovative and essential medicines to Saudi patients”.

It is worth mentioning that Pfizer is among the world's largest pharmaceutical companies that develop and produces medicines, vaccines, and antibiotics. It also produces consumable health products and works in research and innovation field. The total revenue of Pfizer in the year 2015 was about $ 48 billion through 65 manufacturing sites around the world, and that has about 97.000 employees.

Last Modified 26 Dec 2018