We used to hear the phrase “in good times or bad times, food and drinks will enjoy growth.” During the current coronavirus disease (COVID-19) crisis, I would add “pharmaceuticals” as well.

When countries have excess reserves they sometimes create investment vehicles that deploy that money and generate returns for the country itself. Such funds are called sovereign wealth funds (SWF) and, in some cases, they have gigantic amounts.

I must admit that the COVID-19 crisis has had a positive side-effect on Saudi Arabia’s medical industry because, despite the pandemic’s severity, it has led to gains that will serve this sector in the long-term.

Last Monday, the Saudi Arabian Monetary Authority (SAMA) affirmed its commitment to the exchange rate policy of pegging the Saudi riyal to the US dollar, a strategic choice that has supported economic growth in the Kingdom for over three decades.

Last week I participated in a Public Investment Fund (PIF) first Future Investment Initiative (FII) Institute virtual event. It was eye-opening and insightful, with sessions highlighting the most important lessons being learned from the global COVID-19 crisis.

There is a famous Arabic saying: “Whenever there is a problem, there is an opportunity.”

While global stock markets are facing noticeable declines in their indices, bringing the world at the edge of the biggest economic crisis since World War II, a ray of hope is seen in health care in general, and in biotechnology and pharmaceuticals in particular.

Saudi Arabia was the first ahead of other G20 economies to introduce stimulus packages to support the private sector, especially small- and medium-sized enterprises (SMEs), during the shutdown of business activities because of the coronavirus pandemic.