Biotech is the field of biology, where products are created using living cells or organisms. This field is considered developing day by day throughout our planet, making it a hot topic to always follow. Unexpectedly, Saudi Arabia has just recently invested in opening a few biotech companies and startups to help expand the field in the country.
Saudi Arabia is within the G20, which is the top 20 countries with economic stances. It has always focused on provided excessive funds for the healthcare industry, providing high quality health through their hospitals. However, now it is time for them to expand to the biotech field to fit the needs of the expanding population with a high consumer rate growth.
The country has been investing in the biotech field, creating a pipeline of opportunities for different entrepreneurs and universities to conduct biotech experiments and release their products. Only recently, the Saudi Arabian General Investment Authority (SAGIA) created a new license that permits different researchers to reach out and induct their ideas and technologies in the country. A total of $43 billion is spent every year on the health and social and biotech companies alone.
The license provided is a partnership with the King Abdullah University of Science and Technology (KAUST), allowing participants to conduct all their ideas through the university facilities, using the high tech devices provided.
More technology and developments is expected to outburst by the end of 2019 with many different startups securing funds and investments for their biotech inventions.