COVID-19 vaccines: GCC pharma investing billions across over 500 research projects

Pharmaceutical research companies and manufacturers across the Gulf region are sparing no efforts in tackling the COVID-19 challenges and are now investing billions of US dollars to produce vaccines and medicines.

At a recently held General Assembly in the UAE, members of the Pharmaceutical Research and Manufacturers Association in the Gulf (PHRMAG) committed to redouble their efforts to end the pandemic.

The association confirmed during the meeting that there are now more than 500 research projects devoted to developing a new generation of therapeutic and vaccines that will offer effective treatments, preventative or cures for the disease.

“Collectively, PHRMAG-member companies are investing billions of dollars in the global effort to develop cutting-edge new medicines and vaccines,” the group said in a statement.

Several countries around the world are racing to produce COVID-19 cures and vaccines by next year.

So far, researchers in the UAE are undergoing Phase III clinical trials for its own vaccine, which has recently been approved for emergency use among frontline health workers. The country had earlier said that a safe and effective vaccine could hit the market by the end of the year or early 2021.

Scientific outlook

At the general assembly, new PHRMAG chairman Mohamed Ezz Eldin from Novartis said he is positive about the outcome of the ongoing efforts to end the pandemic.

“I’m optimistic about the scientific outlook for breakthrough medicines and vaccines – there is an unprecedented global effort underway,” Ezz Eldin said.

He also underscored the collaboration with governments in the Gulf during the past six months to fight the virus.

“PHRMAG and its member companies have always collaborated closely with governments to advance human health in the region,” Ezz Eldin said.

“What’s so encouraging is how we’ve built on that this year to ensure that we’ve been able to ensure the uninterrupted supply of high quality essential and innovative medicines to patients in the region,” he said.

Based in Dubai, PHRMAG represents 24 international biopharmaceutical companies researching, developing, manufacturing and marketing medicines and vaccines.

 

Source: https://www.zawya.com/mena/en/business/story/COVID19_vaccines_GCC_pharma_investing_billions_across_over_500_research_projects-ZAWYA20201005055111/

 

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