Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug
The Saudi Chemical Company Holding has signed an initial agreement with French pharmaceutical giant Sanofi to explore manufacturing Clexane in Saudi Arabia.
Clexane is a therapeutic solution that prevents and treats thrombosis, which may also “affect a significant percentage of COVID-19 patients with severe symptoms,” the Saudi firm said in a bourse filing.
Thrombosis is the formation of a blood clot within a blood vessel which can lead to lifethreatening complications such as stroke and heart attack.
The memorandum of understanding outlines Aja Pharma’s, a unit of SCCH, role to provide manufacturing facilities and systems to produce Clexane prefilled syringes in the Kingdom.
The agreement is also in line with the Kingdom’s push to localize critical industries, and drive economic growth with more local content.
Saudi Arabia has more than 40 registered pharmaceutical factories, covering 36 percent of the local market need for medicines.
The Kingdom’s pharmaceutical sector exports more than SR1.5
billion annually and is estimated to grow at 5 percent a year. Saudi Arabia exports medicines to 34 countries, and is targeting 9 new countries in
Africa, Europe and Asia.
The Saudi pharmaceutical drugs market was estimated to be worth $10.19 billion last year and is expected to grow at an annual rate of 7.3 percent over the next six years.
The optimistic forecast was partly based on the Kingdom’s plans to expand local manufacturing capabilities, according to a report by US-based research company Coherent Market Insights.
Throughout 2020, a number of high-profile agreements and partnerships were announced within the sector.