Agreements worth SAR 10 bn signed during the first day of CPHI

The CPHI Middle East Exhibition opened yesterday to the tune of agreements worth SAR 10 bn, state news agency SPA reported. The event will feature some 400 global exhibitors and over 150 speakers before it closes tomorrow.

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Diving in: The opening ceremony saw US-based Vertex Pharma sign an agreement for a SAR 1 bn project and Tamer Group commit to another SAR 1.5 bn project, while Tabuk Pharma signed a SAR 100 mn agreement. No further details were provided on the agreements.

Saudi’s pharma market share in the MENA region exceeds USD 15 bn, which accounts for more than half of the total regional market share, SPA cites US-based research firm IQVIA as saying. The Kingdom also ranks 15th worldwide in pharma manufacturing, with a growth rate of 9.3% per year.