The Gulf Cooperation Council (GCC) region has a population of 59 million and a strong focus on developing its healthcare infrastructure and services, making it a significant region of interest for pharma and biotech companies. Economic growth, investment in technology, and a strong emphasis on local pharmaceutical development have facilitated recent growth in the sector. This growth is expected to continue for several years, indicating that now is a prime time for foreign companies to consider focusing
and investing in the region, particularly the region leader, Saudi Arabia.

The Saudi pharmaceutical market is one of the largest in the Middle East and North Africa (MENA) region and is projected to reach $7.04 billion by 2028. Growth in the market is heavily driven by national investment in healthcare from the Saudi Arabian government, including the implementation of various initiatives such as Vision 2030 and the National Biotech Strategy, which aim to revamp the healthcare infrastructure through reorganization and privatization and the cultivation of innovation and research
and development, respectively.

In addition to the national initiatives, Saudi Arabian institutions are also actively investing in healthcare and pharmaceuticals outside of the country, with collaborations and agreements with established pharmaceutical companies and seed investments in start-ups and small biotech companies.