Riyadh - Sharikat Mubasher: Dammam Pharma, a leader in the advanced pharmaceutical industry partially owned by Spimaco, signed an agreement with MSD Saudi Arabia to establish the first factory in the Middle East and North Africa (MENA) region to manufacture type 2 diabetes medication in the Kingdom.
The new facility is expected to start operation during the first quarter of 2024, meeting the entire demand for these medicines in the Kingdom and the region, the Saudi Press Agency (SPA) reported.
The agreement was signed at the Ministry of Industry and Mineral Resources, with the presence of Industry Minister, Bandar Alkhorayef.
Abdallah Nabil, General Manager of MSD, described the agreement as a milestone in the company’s journey toward localizing pharmaceutical industries, in alignment with Vision 2030’s objective to boost local production.
Nabil added that the project will offer opportunities to transfer highly specialized pharmaceutical technologies to the Kingdom, create new scope for investment, and offer new jobs in the labor market.
For his part, Jerome Cabannes, CEO of Spimaco Pharmaceuticals, affirmed that the partnership reinforces the company’s commitment to providing advanced specialized treatments, on par with the highest international standards.
He further noted that the local manufacturing of MSD medication for diabetes constitutes an important step toward transferring and localizing pharmaceutical manufacturing technologies in the Kingdom.
Dammam Pharma was established in 2012 with the main goal of setting up an advanced pharmaceutical industry in the Kingdom.
