RIYADH: Agreements worth SR13.3 billion ($3.55 billion) across 138 deals were signed at the three-day Global Health Exhibition in Riyadh.
Organized by Saudi Arabia’s Ministry of Health, the event brought together over 300 companies from 29 countries, encompassing local, regional, and international entities, the Saudi Press Agency reported.
Under the theme “Invest in Health,” the event, which concluded on Oct. 31, provided a platform for industry leaders and experts to explore various topics, including digital health and the influence of artificial intelligence on the sector.
Speaking at the forum, Saudi Arabia’s Health Minister Fahad Al-Jalajel discussed investment opportunities in the Kingdom and highlighted the growth of technology, research, and innovation in the sector.
The sixth edition of the event offered health practitioners 30-credit-hour Continuing Medical Education programs, presented by 100 speakers in 30 dialogue sessions.
The exhibition comprised several pavilions, with one dedicated to showcasing the latest government initiatives and developments in the healthcare sector, while another highlighted cutting-edge medical innovations and techniques.
During the forum, Al-Jalajel unveiled Saudi Arabia’s plan to provide comprehensive state-funded insurance coverage for all citizens by 2026.
The National Insurance Program will not require annual renewal and will ensure lifelong coverage for all citizens in the Kingdom, without a specific ceiling, eliminating the need for prior approvals and streamlining the process for beneficiaries.
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef also announced that the government aims to localize between 80 percent and 90 percent of the Kingdom’s overall insulin needs.
Alkhorayef expressed his ministry’s eagerness to attract investments in the pharmaceutical and healthcare sectors.
During the event, Saudi Basic Industries Corp. signed three cooperation agreements with the Ministry of Health, King Faisal Specialist Hospital and Research Center.
The first agreement aims to support the localization of medical industries in the Kingdom, while the second deal eyes to work on developing products and applications in the health sector and transferring technologies in the sector.
Under the third cooperation agreement, SABIC will provide support and advice related to the establishment, design and development of the shared services model for the Ministry of Health.
During the forum, Prince Sultan bin Abdulaziz Development Fund in Dammam signed an MoU with Saudi Arabia’s MoH to empower local businesses and industries in the Kingdom’s health sector.
On the sidelines of the forum, Hassan Al-Jasser, CEO of the Fund, said that Saudi Arabia is currently going through a promising phase and provides numerous opportunities for investors in the healthcare sector.
Meanwhile, stc Group, majority owned by the Public Investment Fund, signed three MoUs with King Faisal Specialist Hospital and Research Center, OncoLens, and Fujifilm.
The first MoU with KFSH&RC aims to accelerate the digital transformation of healthcare institutions while ensuring sustainable development. The second deal with OncoLens seeks to transform the quality of cancer care treatment provided to patients in the Kingdom.
In contrast, the third MoU with Fujifilm strives to implement and introduce the Hospital Information System across 13 medical centers in Riyadh.
