RIYADH — The Ministry of Investment has signed a memorandum of understanding with the US-based Janssen company, one of the leading pharmaceutical companies affiliated with the Johnson & Johnson Group, to develop strategic initiatives to enhance the capabilities of health care and life sciences in the Kingdom. The MoU, which was signed in the presence of Minister of Investment Al-Falih, Minister of Health Dr. Tawfiq Al-Rabiah and Minister of Industry, Mineral Resources Bandar Al-Khoraye, and other top officials seeks to promote societal, health and economic development in a way that contributes to achieving the objectives of the Kingdom Vision 2030. Commenting on the deal, Minister of Investment Khalid Al-Falih said that the Kingdom is continuing to develop biotechnology and health care sectors as they are expected to contribute strongly to economic growth in the Kingdom and be able to compete globally. “Saudi Arabia aims to be a global hub for companies operating in the health and life sciences sector through four workstreams aimed at presenting initiatives to enhance the investment environment in the health sector, in addition to its goal to be a headquarters for companies operating in the sector, and the supply chains associated with it,” Al-Falih said pointing out that the Kingdom represents more than 40 percent of the pharmaceutical industry market in the Middle East and North Africa.He added that the Kingdom aims to enhance and expand research activities in the pharmaceutical sector, starting with the invention of medicines and ending with conducting clinical research, stressing that the Kingdom aspires to localize the pharmaceutical industry and the expertise and sciences associated with it. The Kingdom also aims to provide high-level health services in terms of efficiency and innovation, Al-Falih added. The minister expressed his happiness over the signing of the MoU with a giant and reputable company like Johnson & Johnson, represented by Janssen, which will help build bridges of cooperation and work in this sector in the Saudi market. For his part, Minister of Health Dr. Tawfiq Al-Rabiah said that the MoU will promote investments in the health sector, which in turn will develop health services in the Kingdom. He noted the MoU will unify government efforts, which will contribute to the development of the health system as a whole, including research in the scientific and health fields, the development of the pharmaceutical industry and the conduct of clinical studies. It is worth noting that the MoU is for five years and as part of the agreement, a number of initiatives will be developed in the health care and life sciences sectors.