Some of the most significant stories coming out of Saudi Arabia’s dynamic pharmaceutical industry, including Spanish firm Cinfa’s decision to reinforce its presence in the country, how Saudi and other Middle Eastern countries are becoming major importers of Korean biomedical products, and the USD 335 million funding injection secured by domestic company SPIMACO to power its future growth.
European Pharma major, Cinfa, firms up presence in Saudi Arabia to provide authentic accessible care (Zawya)
Spain’s leading pharmaceutical company plans to expand and reinforce its presence in Saudi Arabia, as part of its regional strategy to provide European quality treatments to patients and the community
The launch ceremony was attended by the Commercial Attaché at the Spanish Embassy, representatives of Cigalah Trading Company, Cinfa Company, and a large crowd of doctors and consultants.
Cinfa projects to cover 10 to 15% of the Saudi therapeutic market in which it operates, including cardiology, urology and central nervous system
Middle East becoming a major market for K-Bio companies (Korea Biomedical Review)
Middle Eastern countries including such as the United Arab Emirates (UAE) and Saudi Arabia are becoming major importers of Korean biopharmaceutical products.
According to the Korea Customs Service’s import and export statistics on Tuesday, exports of medical supplies, including pharmaceuticals and diagnostic products, to four Middle Eastern countries — the UAE, Saudi Arabia, Kuwait, and Qatar — increased by 164.5 percent from $15.98 million in 2016 to $42.26 million in 2021.
The UAE was the biggest importer of Korean medical supplies during this period, with exports increasing from $7.893 million to $20.958 million, followed by Saudi Arabia ($6.19 million to $16.538 million), Kuwait ($1.732 million to $3.362 million), and Qatar ($165,000 to $1.404 million).
Saudi pharma SPIMACO secures $335m financing to drive growth (Arab News)
Saudi Pharmaceutical Industries and Medical Appliances Corp. has secured SR1.26 billion ($335 million) worth of Shariah-compliant financing to grow the business.
Better known as SPIMACO Addwaieh, the firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities, according to a bourse filing.
Middle East healthcare community reunites in Saudi Arabia to reimagine health at HIMSS22 Middle East (Zawya)
The Middle East’s digital health transformation will be at the top of mind for healthcare and IT leaders at the 2022 HIMSS Middle East Health Conference & Exhibition in mid-November.
Healthcare Information and Management Systems Society will convene health professionals in Riyadh, Saudi Arabia, from 19 to 21 November 2022 for world-class education and networking. Registration is open.
Saudi Venture Capital invests $10mln in healthcare private equity fund (Zawya)
TVM Capital Healthcare is a specialized healthcare expansion and growth capital private equity firm, operating out of Riyadh and Dubai for the Middle East, as well as Singapore for the Southeast Asia region
Riyadh: The Saudi Venture Capital (SVC) announced its investment of USD 10 million in TVM Capital Healthcare’s Afiyah Fund to invest in innovative companies in the healthcare sector in the Kingdom of Saudi Arabia.
The subscription agreement was signed by CEO and Board Member at SVC Dr. Nabeel Koshak and Chairman and CEO at TVM Capital Healthcare Dr. Helmut Schuehsler. The signing ceremony was attended by CEO of the SME Bank Mazin Alghunaim.