Saudi wealth fund PIF establishes Lifera to supercharge pharma manufacturing in the kingdom

The move is part of the country’s efforts to reduce its dependence on oil.

Lifera: advancing pharmaceuticals through collaboration

The Pharmaceutical Investment Company, known as Lifera, aims to collaborate with local and international firms to develop various pharmaceutical products, such as insulins, vaccines, plasma therapeutics, monoclonal antibodies, and cell and gene therapies.

Yazeed Al-Humeid, the PIF’s deputy governor, stated that Lifera will enable the private sector to expand and ensure easier access to life-saving medicines while meeting the local, regional, and global demand.

“Lifera intends to partner with leading companies in the sector to localise manufacturing, attract investment and enable the private sector to scale up, ensuring easier access for patients, whilst securing supply of life-saving medicines that can meet local, regional and global demand,” he added.

No financial details regarding the proposed investments were disclosed in the statement.

Under Crown Prince Mohammed bin Salman, PIF has grown into one of the world’s largest sovereign wealth funds, with approximately $700 billion in assets.

The Crown Prince aims to transform Saudi Arabia’s economy into one less reliant on oil revenue, with the goal of ranking among the top 15 economies by 2030.

PIF aims to play a crucial role in boosting and improving the healthcare ecosystem by making strategic investments.

It also seeks to create ample opportunities for the local private sector. As part of its endeavours to support the medicine supply chain, PIF has invested in the National Unified Procurement Company (NUPCO).

NUPCO is a prominent provider of services related to medical procurement, storage, and distribution of medicines, devices, and medical supplies in the Saudi healthcare industry, the statement said.

Since 2017, PIF has successfully established 79 companies spanning across 13 strategic sectors.