RIYADH: Saudi Arabia has more than 40 registered pharmaceutical factories, covering 36 percent of the local market need for medicines, said Mohammed Al-Nahhas, chairman of Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO).

The Kingdom’s pharmaceutical sector exports more than SR1.5 billion annually and is estimated to grow at 5 percent a year, he said during the visit of the Minister of Industry and Mineral Resources, Bandar Al-Khorayef to the company on Thursday.

SPIMACO produces 415 pharmaceutical products, and exports more than 234 products to 14 countries, CEO Khaled Al-Khattaf said.

The company’s production has reached more than 1.73 billion therapeutic units via 36 production lines during the year 2020. More than 50 new drugs under license will be produced in SPIMACO pharmaceutical factories and its subsidiaries, he added.

The factory produces all pharmaceutical forms: tablets, injections, syrups, suppositories, antibiotics, dry syrups, capsules and ointments.

SPIMACO is the biggest pharma company in Saudi Arabia, producing 12.2 million prescriptions in 2020, 1.7 million more than its nearest competitor, Al-

Khattaf said. It has a market share of 11.6 percent, the most among all international and local companies in the private sector.

Saudi Arabia exports medicines to 34 countries, and is targeting 9 new countries in Africa, Europe and Asia, he said.

Almost half of the company’s employees are Saudis, Al-Khattaf revealed.

SPIMACO’s CEO confirmed the company’s commitment to preserve drug security in Saudi Arabia during the coronavirus pandemic.

The Saudi pharmaceutical market is estimated at SR34 billion, and the Ministry of Industry and Mineral Resources seeks to increase it to achieve drug security as a strategic goal within Vision 2030.