SAUDI ARABIA’S INNOVATION JOURNEY: SHAPING THE FUTURE OF PRECISION MEDICINE

The Kingdom’s unwavering dedication to adopting and championing healthcare technologies – including within precision medicine – is reshaping the healthcare landscape in the nation and wider GCC for the better.

By Dr. Meshari F. Alwashmi , PH.D, CEO & Co-founder, Amplifai Health

Like Formula 1 racing, where cutting-edge technologies drive performance improvements, humans are benefiting from a multitude of technologies that are reshaping the landscape of personalised medicine and digital twins. These transformative innovations are bringing us closer to a future where healthcare is proactive and individualised, prioritising wellness over illness. This exciting parallel underscores the tremendous potential for healthcare professionals, innovators, and healthtech stakeholders to harness these advances for the betterment of patient care.

Building precision medicine innovations differs significantly from conventional businesses, where coding and selling products can be relatively straightforward. Globally, within the realm of healthtech, the journey to market is characterised by intricate regulations and a significant time investment. Often, there is a pervasive lack of understanding regarding the complexities involved in bringing these innovations to fruition. This unique sector necessitates collaboration across various ministries and stakeholders, making it a challenging terrain to navigate. Many generalist investors find themselves unequipped to handle the intricacies of this specialised field, further underlining the need for a nuanced approach to funding and support.

It is crucial to emphasise that removal of these barriers can have a profound impact on the economy and society. The unlocked potential of precision medicine has the power to revolutionise healthcare, improve patient outcomes, and reduce costs. The ripple effect of such innovations extends far beyond healthcare, impacting various sectors of the economy and positively shaping society as a whole. Recognising and supporting this transformative potential is paramount to realising a brighter and healthier future for everyone.

SAUDI VISION 2030

With the innovative and ambitious Vision 2030 firmly in place, the Kingdom of Saudi Arabia is undergoing a transformation that extends far beyond the realm of well-known projects. While these high profile investments – such as NEOM, Lucid Motors, and the entry of sports icons such as Cristiano Ronaldo – have undoubtedly captured the world’s attention, they are essential components of a broader vision for the nation’s future.

Vision 2030 encompasses a multifaceted strategy that includes economic diversification, technological innovation, social development, and sustainable growth. It recognises that Saudi Arabia’s true potential lies in cultivating a diverse and dynamic ecosystem, one that is ready to drive the nation’s progress and prosperity.

The existing ecosystem in Saudi Arabia has provided a solid foundation for fostering innovation in precision medicine. It possesses the essential pieces of the puzzle – the availability of both public and private funding, the implementation of progressive regulations that align with the pace of innovation, and the development of infrastructure capable of hosting and supporting these transformative endeavours.

FUNDING THE FUTURE

Saudi Arabia has allocated significant funding R&D, totalling SAR 14.5 billion ($3.9bn) [as announced in] 2021; showcasing a strong commitment to innovation. New incentives, including those in precision medicine, have been introduced to promote these innovations. Key initiatives, such as the Saudi National Institute of Health, the Research, Development, and Innovation Authority (RDIA), and the Hevolution Foundation, are driving innovation by supporting research, development, and entrepreneurship. These new initiatives, which were not viable options before this year, are set to usher in an era of transformative discoveries, bridging the gap between research and practical applications.

In addition to these grants, the Kingdom has achieved a remarkable milestone by securing the 2023 top position in VC funding in the Middle East and North Africa (MENA), commanding an impressive 52% of the total VC funding in the region that year. To further enhance its innovation pipeline, the nation has attracted internationally renowned accelerators such as Techstars, Global 500, and SparkLabs, which are actively working to propel promising innovations.

Simultaneously, Saudi Arabia has established national technology development programmes, providing comprehensive support to ventures from conceptual stages to potentially achieving unicorn status. These strategic efforts collectively underscore Saudi Arabia’s unwavering commitment to fostering a thriving innovation landscape and cementing its position as a global leader in healthtech.

REGULATORY ADVANCEMENTS

The Kingdom is also making substantial gains in advancing its regulatory framework to support its healthcare innovation agenda. These regulatory improvements, alongside the implementation of the National Biotechnology Strategy, have streamlined the country’s capacity for clinical trials, testing, and bioethics, positioning it as an attractive destination for cutting-edge research and development. Notably, the Saudi Food and Drug Authority (SFDA) has introduced an Innovative Medical Devices pathway, expediting regulatory processes to grant patients access to innovative technologies while ensuringsafety and effectiveness.

Furthermore, the Healthcare Sandbox, initiated by the Ministry of Health (MoH), is geared towards modernising the nation’s healthcare services through digital transformation.

This visionary project encourages collaboration among stakeholders, enabling entrepreneurs to navigate regulatory complexities with greater ease and to focus on executing their healthcare innovations. These proactive measures underline Saudi Arabia’s strong commitment to embracing and championing healthcare technologies to positively transform the healthcare landscape.

INFRASTRUCTURE FOR INNOVATION

Saudi Arabia has implemented a robust foundation to support innovation, particularly in the field of biotechnology. Flagship institutions, including the King Abdullah University of Science and Technology, King Saud University, and the King Faisal Specialist Hospital & Research Centre, have made substantial investments in infrastructure. These institutions boast state-of-the-art laboratories and spearhead innovation initiatives like the Saudi Human Genome Program. This solid infrastructure positions the country favourably to develop a leading biotech and medtech cluster over the coming decade.

The nation has become a hub for showcasing innovation and fostering collaboration, hosting a range of influential conferences, such as the Riyadh Global Medical Biotechnology Summit, which serve as prominent platforms for advancing discussions on medical and biotechnological breakthroughs.

This convergence of factors establishes Saudi Arabia as a dynamic hub poised to make significant advances in the realms of precision medicine and biotechnology, ultimately benefiting not just the nation itself, but contributing to global advancements in healthcare.

As co-founder of amplifAI health, I am proud to be part of a tremendously supportive startup ecosystem. Along with my team, we stand at the forefront of healthcare innovation and are committed to making a profound impact on the future of healthcare. With the nation’s visionary leadership and commitment to fostering an innovation-friendly environment, we are confident that together, we will shape a brighter and healthier future for all.

Special thanks to Dr. Meshari F. Alwashmi for his guest contribution.

Interested to know more?

To learn how healthcare is being redefined in the GCC and MENA region, read the full magazine here

Published in PrecisionMed International magazine