Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) has signed a memorandum of understanding (MoU) with the Saudi Technology Development and Investment Company (TAQNIA), a subsidiary of the Saudi Public Investment Fund (PIF).

This MoU aims at endorsing vital technology in Saudi Arabia, SPIMACO said in a bourse statement to the Saudi Stock Exchange (Tadawul) on Monday.

Entering the pharmaceutical industry with international companies will be subject to raising this industry's share in the local market to 40% from its current 20% by 2020.

The MoU has a duration of one year that will be renewed automatically.

Previously, SPIMACO CEO said that cancer treatment drugs would be available in the Saudi market as of 2020.

At the stock level, SPIMACO closed Monday’s session 2.55% higher at SAR 31.39.