Title: Pharmaceutical Molecule and Development: Driving Innovation and Economic Growth
Focusing on pharmaceutical molecule development primarily aims to position Saudi Arabia as a prominent center for pharmaceutical innovation worldwide. This initiative is in line with Vision 2030’s goals of diversifying the economy, generating employment opportunities, and improving the overall quality of life. The objective is to establish Saudi Arabia as the foremost biotechnology hub in the MENA region by 2030 and as a global center for biotechnology by 2040. The main objectives are to decrease reliance on oil, create 11,000 new job opportunities by 2030 and 55,000 by 2040, and cultivate a strong environment for pharmaceutical research and development (R&D), utilizing advanced technologies such as artificial intelligence (AI). The pharmaceutical market in Saudi Arabia is experiencing growth due to an increasing number of patients and a strong demand for domestically manufactured generic drugs. Nevertheless, obstacles such as restricted market entry, intricate regulations, and insufficient innovation productivity endure. Substantial progress can be achieved by employing technology to tackle these difficulties through deliberate actions like government incentives, global collaborations, improved infrastructure for clinical trials, and AI-powered drug discovery. The successful implementation of this initiative is anticipated to have a significant and far-reaching effect on Saudi Arabia’s economy and pharmaceutical sector. It will contribute to the expansion of the non-oil GDP, improve global competitiveness, and foster a dynamic innovation ecosystem. This emphasis not only corresponds with the wider objectives of Vision 2030 but also establishes the foundation for Saudi Arabia to become a worldwide frontrunner in pharmaceutical innovation and economic diversification
Abdulmohsen Al Rohaim is affiliated with the College of Pharmacy at the University of Shaqra, located at KSA.