Lahore: Citi Pharma Limited has announced a strategic joint venture with All Care Group of Investment to establish a state-of-the-art API and Formulation Facility in Saudi Arabia, the company disclosed on 11 October 2024. This partnership is intended to advance pharmaceutical production capabilities and enhance self-sufficiency within the Kingdom, aligning with Saudi Arabia’s Vision 2030 under the leadership of Crown Prince Mohammed Bin Salman Al Saud.
The joint venture, which marks a significant step for Citi Pharma Limited in expanding its global footprint, will focus on manufacturing essential Active Pharmaceutical Ingredients (APIs) and other formulation products to cater to the healthcare demands of the Middle East and North Africa (MENA) region. According to information available from the Pakistan Stock Exchange (PSX), the facility is projected to serve over 500 million people across the MENA region, bolstering Saudi Arabia’s access to high-quality, cost-effective pharmaceutical products.
CEO of Citi Pharma Limited, Mr. Rizwan Ahmad, emphasized the venture's alignment with long-term strategic goals of enhancing healthcare provisions and economic development in Saudi Arabia. The initiative also aims to locally produce critical chemicals like Naphtha cracker chemicals, Phenol, and Benzene, which are currently imported, thus reducing costs and fostering economic resilience in the pharmaceutical sector.
Additionally, the joint venture is poised to significantly bolster Citi Pharma’s export capabilities, with plans to extend its market reach to India, China, and other significant international markets. This expansion is expected to leverage Saudi Arabia’s strategic resources to produce affordable, high-quality APIs and formulations for both local consumption and international markets.
The collaboration between Citi Pharma and All Care Group of Investment is seen as a pivotal development for the pharmaceutical industry in Saudi Arabia, which is striving to become a leader in biotech and pharmaceutical production globally by 2050.