Published on : Mar 05, 2015
Four South Korean pharmaceutical companies will export their products to Saudi Arabia, including anticancer drugs and antibiotics, for the coming five years, South Korea’s Health Ministry informed this Wednesday, as a result of South Korean President Park Geun-hye's business trip to the Saudi Arabia this week.
Ascertaining to the export agreement, representatives of these four Korean firms, which include Chong Kun Dang Holdings, BC World Pharm Co., JW Holdings, and Boryung Pharm, have signed a memo of acceptance with the Saudi company Sudair Pharmaceutical Co. in Sudair, Saudi Arabia on this Tuesday.
The deal is estimated to be worth nearly 200 billion won, according to the South Korean ministry.
Among these South Korean firms, the company JW Holdings has also planned to establish an infusion solution plant in the Saudi Arabian city Sudair, which lies near to the Saudi capital Riyadh. This will make JW Holdings the first South Korean pharmaceutical company to have done so in the Middle Eastern region.
The infusion solution plant will be built in a newly planned Korean pharmaceutical industry complex, which will also be built in Sudair. The date of opening of both plants has not been yet decided, stated the South Korean ministry.
South Korean university Yonsei University Severance Hospital has also agreed to take charge of the treatment at a medical centre scheduled to open in Riyadh in 2016 that will specialize in women's cancers.
The hospital is scheduled to have 150 patient capacity, and is being constructed by the collaborative efforts of Saudi Arabian healthcare company Integrated Business Ventures and a number of American company. South Korea's clinical laboratory the Green Cross Laboratories has also signed a contract for establishing a medical laboratory in Saudi Arabia for researching specimen collected from patients in Riyadh.