As the Kingdom of Saudi Arabia transitions away from carbon-based energy and toward a more sustainable economy, biotechnology is becoming a growing focal point and a key component of Vision 2030.
Biotech is a branch of technology that develops new products by utilizing biological systems and living organisms such as molecules. This is a field where science meets commerce, as groundbreaking medicines, biofuels, and genetically modified plants are typically conceived in a university or hospital lab and then brought to market by private companies.
Initiatives:
Medical biotechnology has recently been identified by the government as a strategic choice for economic diversification and better healthcare resource management. As a result, a number of investment initiatives are currently in the works. The Pharmaceutical Investment Company, for example, was established by the Saudi Public Investment Fund to support novel therapeutics and drug development start-ups.
Dammam Valley, a Saudi Arabia-based biotechnology and healthcare investment firm, has launched its BioTech Startups Program in collaboration with Imam Abdul Rahman bin Faisal University, Saudi Aramco, the Future Investment Initiative Institute (FII), Sadara Petrochemical Company, and Saudi Arabia's Ministries of Investment and Industry.
The BioTech Startups Program was established with the aim of encouraging the establishment of more biotechnology startups in Saudi Arabia. It will also work to foster ties with other global startups, provide investment opportunities, and encourage local talent pool to address issues in the biotechnology ecosystem. The BioTech Startups Program will also seek out the most cutting-edge technologies from around the world to aid in the development of applications that align with national biotechnology strategies, as well as management consulting and training for national and international cadres interested in the industry.
Tapping into talent to boost an emerging biotechnology ecosystem:
Elie Haddad, senior advisor, and project lead at Riyadh Biotech City, said: “The way to attract talent is to attract the companies they work for. But in order to attract companies we need funding, a good proposal and (to) build institutions with working regulation and good incentives to bring in talents, and private partners for the ecosystem.”
These developments bring about a massive demand of highly skilled talent to fill these roles. Whether you’re a professional looking for a job or a business seeking highly skilled talent, the team at Real is here for you. Contact us for more information.