(MENAFN - Arab News) Saudi investors have agreed to pump 100 million (SR375 million) for the establishment of an insulin plant at Salman Industrial City, Bahrain, Al-Watan daily said.
Gulf Biotech Company will undertake the establishment of the project, which will occupy an area of 16,000 square meters, the paper said.
The plant will go into commercial operations in mid 2015 with a production capacity of 42 million units per year, CEO of the company Riyadh Al-Ashayyan said.
Gulf Biotech Company has reportedly entered into an alliance with mega global companies such as US-based Merck, and Helm and Linde, both German firms, to ensure the required quality of its products, the daily said.
For his part, board Chairman of Gulf Biotech Company Prince Sultan bin Fahad bin Abdulaziz said the plant represents a significant shift in the pharmaceutical industry in the Gulf region, notably as diabetes is increasingly spreading.
He hoped that the project will contribute to curb prices of insulin in the Gulf region and signify the level and awareness of the Gulf citizens in building strategic industries serving health security in the region.