Government Teams Up With Partners To Boost Pharma Industry In The Kingdom

On Tuesday, a new initiative was launched to strengthen Jordan's pharmaceutical industry, spearheaded by the Ministry of Industry, Trade and Supply, the Ministry of Investment, the Jordan Food and Drug Administration (JFDA), and the Jordan Pharmaceutical Industry Support Project. The initiative is backed by the World Bank's International Finance Corporation (IFC) and funded by The Netherlands.

At the launch event, Minister of Industry and Trade Yousef Shamali praised Jordan's significant progress in pharmaceutical manufacturing. He noted that since the establishment of the first pharmaceutical factory in 1966, the industry has grown to include 139 facilities by 2023, employing approximately 9,500 people and exporting to over 78 international markets.

The pharmaceutical sector, a key contributor to Jordan's economy, generated JD748.4 million in exports in 2023, marking a 7% increase from the previous year. Minister of Investment Khuloud Saqqaf highlighted that the new project will further elevate Jordan’s pharmaceutical industry, establishing the Kingdom as a regional leader and enhancing its global standing.

The sector was identified as a pivotal contributor to economic growth within the Economic Modernisation Vision due to its substantial potential and competitive edge, which are expected to draw more foreign investments and boost local capital inflows, she explained. She further pointed out that, over the past two years, the Ministry of Investment has launched multiple initiatives aimed at fostering a welcoming environment for both global and domestic ventures. These efforts include the enhancement of investment laws and the streamlining of processes for establishing and operating businesses in Jordan.

Additionally, she emphasized the introduction of initiatives designed to position Jordan as a leading investment destination in the region. This includes the Investment Promotion Strategy (2023-2026), which focuses on high-value sectors and targets specific countries for attracting investments. Moreover, she underscored the launch of the "Invest.Jo" platform, which offers insights on 17 sector profiles and an investment map detailing 39 distinct opportunities, including projects in healthcare and medical tourism.

The "IFC Jordan Pharma" initiative aligns with the broader strategy to attract foreign direct investment across various sectors, particularly the pharmaceutical industry, she noted. She reaffirmed the Ministry of Investment's dedication to providing all necessary support under the Investment Environment Law to facilitate the creation of investment projects, especially in the pharmaceutical sector, while addressing any challenges that may arise.

Nizar Muheidat, Director General of the Jordan Food and Drug Administration (JFDA), stressed that this initiative aligns with national goals to boost local pharmaceutical production, explore new export markets for Jordanian medicines, and create a conducive environment for attracting new investments to Jordan's pharmaceutical sector. Pierre de Vries, acting charge d'affaires of the Netherlands embassy in Jordan, reiterated the Netherlands' commitment to supporting Jordan’s sustainable and inclusive economic growth in line with the 2033 Economic Modernisation Vision.

He highlighted the potential of Jordan’s pharmaceutical industry as a catalyst for the country's economic growth. Aftab Ahmed, IFC’s Regional Director for the Middle East, Pakistan, and Afghanistan, emphasized Jordan’s pharmaceutical sector as a producer of high-quality, high-value products, which are exported globally and to neighboring countries.