Global Health Exhibition in Riyadh witnesses deals worth $3.55bn

Agreements worth SR13.3 billion ($3.55 billion) across 138 deals were signed during the Global Health Exhibition in Riyadh last week.

Organized by Saudi Arabia's Ministry of Health, the event brought together over 300 companies from 29 countries — encompassing local, regional, and international entities.

Under the theme "Invest in Health," the event provided a platform for industry leaders and experts to explore various topics — including digital health and the influence of AI 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 event also 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 state-funded, lifelong insurance coverage for all citizens by 2026.

The National Insurance Program will not require annual renewal and will be available for all citizens in the Kingdom without a specific ceiling — eliminating the need for prior approvals and streamlining the process for beneficiaries.

On its end, Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef announced that the government aims to localize between 80 and 90 percent of the Kingdom's overall insulin needs.

He expressed his ministry's eagerness to attract investments in the pharmaceutical and healthcare sectors.

During the event, Saudi Basic Industries Corp. (SABIC) 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 one aims to develop products and applications in the health sector and transfer technologies in the sector.

Finally, 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.