RIYADH, 23 January 2008 — Jean-Michel Halfon, Pfizer’s area president for Canada, Latin America and Middle East, announced yesterday that the pharmaceutical company is investing more than $8.7 billion annually in the health care sector in order to develop and invent new medicines.
Speaking to reporters after addressing the Global Competitiveness Forum in Riyadh, Halfon estimated the total global investment in the health care research sector at $43 billion. “Our long-term research program to develop new medicines will take 11 to 13 years,” he added.
Halfon said his company had developed several new medicines to treat chronic diseases such as cancer, blood pressure, high cholesterol, cardiac problems and addiction to smoking.
He noted the efforts of SAGIA to make Saudi Arabia the most attractive business destination through its 10x10 program.
