Riyadh, October 03, 2023 : A new event for global pharma will launch in 2024 with CPHI Middle East opening at the Riyadh Exhibition and Convention Center Malham, Saudi Arabia (10-12 December, 2024).
The newly launched event will include an exhibition and conference and is being opened to help both regional and international pharma companies partner in one of the world’s fastest developing and growing pharma hubs. Saudi Arabia alone is predicted to grow at nearly 10% annually – reaching $19bn in 2028 1– and has seen its ranking surge five places in ‘overall competitiveness’ according to the 2023 CPHI Annual Survey which will be released online on 23rd October’23.
The event, spanning nearly 15,000 SQM and hosting over 330 exhibitors, will cover the entire region’s supply chain, including ingredients, contract services, machinery, pharma packaging, finished dosage and biopharmaceuticals.
Adam Andersen, Executive Vice President Pharma, commented, “We are very excited to open the new CPHI Middle East event in Riyadh, especially as it arrives at such an exciting moment for the pharmaceutical industry in the region. The Saudi government is investing heavily, R&D is growing quickly, and we are seeing a large amount of interest from our global pharma community. It has all the ingredients for significant growth. Our event will bring the heart of pharma to the Kingdom and the wider Middle East region with the expectation of a major pharmaceutical production hub established here in the next 5-years.”
Saudi Arabia has already invested $3.9bn in R&D since 2021, and boasts several institutions focused on science and technology.2 Over the next few years further investment in local manufacturing is expected, with the percentage of domestically made drugs to rise from 20% to 40%. Analysts state the ‘government aims to shift pharmaceutical importing to domestic manufacturing through wholly owned sites or contract manufacturing organizations (CMOs).3
CPHI Middle East will feature a strong focus on government engagement, educational content, networking, and innovation with large numbers of international ingredient providers expected alongside companies looking to establish new manufacturing sites, partnerships and/or regional distribution networks.
The full findings of the CPHI Annual Survey 2023 will be announced next month at CPHI Barcelona and Saudi Arabia’s results will show a remarkable rapid improvement in its global reputation – with its scores surging across ‘growth potential’, ‘pharma quality’ and ‘overall competitiveness’.
Corporate Comm India (CCI Newswire)
