Saudi Arabia's Ministry of Investment signed an agreement with Janssen, a pharmaceutical company owned by Johnson & Johnson, to set up a partnership to co-develop a range of activities over the next five years.
The pair will work on initiatives across the kingdom's healthcare and life sciences sectors, including efforts to improve the business environment, funding, skills and innovation.
“Janssen has been a strategic partner to the Kingdom of Saudi Arabia for more than four decades. This [agreement] follows several others signed in 2020 and is intended to reinforce our commitment to enhancing the kingdom’s healthcare and life sciences ecosystem," Jamie Phares, managing director of Janssen GCC, said.
Saudi Arabia opened up its healthcare sector to 100 per cent foreign ownership in August 2017 to meet growing demand for a range of healthcare services.
Over 60-year-olds as a proportion of the population are set to double to 11 per cent in 2030, from 5.5 per cent last year, a report published by property consultancy Colliers said in December. It estimates the kingdom will need an extra 20,000 to 22,000 long-term and rehabilitative beds by 2030 to meet demand.
“Saudi Arabia has made significant strides in the healthcare and life sciences space in recent years, and we look forward to continuing our work together to drive programmes that will support the kingdom’s ongoing efforts in becoming a knowledge-driven economy,” Mohammed Alquwaizani, Janssen's general manager in Saudi Arabia, said.