Daewoong Pharmaceutical said on October 17 that it met with Saudi Arabian government officials to discuss a range of cooperation plans for the biopharmaceutical industry. The delegation from Saudi Arabia visited Daewoong’s Seoul Samsung-dong headquarters, including Deputy Minister Khalid Al-Buraikan of the Ministry of Health and Sara Aref, Director of Strategic Cooperation.
During the meeting, both sides shared assessments of Saudi Arabia’s pharmaceutical and biotech sectors and explored potential partnerships leveraging Daewoong’s new drug development capabilities and global market experience. Representatives from South Korea’s Ministry of Health and Welfare and the Korea Health Industry Development Institute also attended to discuss bilateral industry collaboration measures.
Saudi Arabia, the largest pharmaceutical market in the Middle East with an estimated value of about $13 billion, is projected to grow to roughly $19 billion by 2030. The Saudi government is prioritizing expansion of biomanufacturing infrastructure and pharmaceutical self-sufficiency as part of its national strategy.
Daewoong has already launched its high purity botulinum toxin product Nabota in the Saudi market in January and is pursuing entry for other products such as the gastroesophageal reflux disease treatment Pexuclu and the diabetes therapy Envlo. Discussions with Saudi officials covered a broad spectrum of cooperation beyond product launches, including local clinical trials, regulatory approvals and establishment of manufacturing facilities.
Daewoong emphasized a preference for long term engagement focused on R&D and production investment to help build a sustainable biotech ecosystem in Saudi Arabia rather than pursuing only short term market entry.
The company said it has been officially invited to participate in the Saudi Global Health Exhibition in Riyadh in October and plans to hold its NMC MENA global aesthetic medicine training program for medical professionals in Saudi Arabia for the first time later this year.
Daewoong CEO Park Sung soo said the talks confirmed aligned visions between the two parties and pledged that sustained cooperation would support growth of the Saudi bioindustry and contribute to improving citizens’ quality of life.
