Riyadh – Mubasher: Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), entered into a strategic partnership with US-based healthcare venture builder Redesign Health to fast-track healthcare innovation in Saudi Arabia.
The partnership aims to jointly develop and launch at least 20 healthcare companies in the Kingdom, according to a press release.
The collaboration further establishes the Sanabil Venture Studio by Redesign Health, designed to empower founders to launch and scale transformative healthcare companies in Saudi Arabia through an ecosystem of capabilities supporting ideation, commercial traction, and execution.
Spokesperson at Sanabil Investments said: "Our mission is to positively impact the lives of patients while creating thousands of new jobs and entrepreneurial opportunities.”
The spokesperson added: “This partnership will help establish the Kingdom as a world-leading hub of healthcare innovation, with the potential to benefit patients both locally and globally."
The official noted: "Venture building represents the future of innovation, especially in complex sectors like healthcare….We believe Redesign Health is one of the global leaders in healthcare venture building, and by collaborating with them, we are adopting a model that will accelerate our healthcare innovation economy and improve outcomes for all stakeholders.”
The spokesperson concluded: “Our venture studio will create promising new companies, demonstrating a scalable approach to innovation that drives sustainable growth and positions the Kingdom as a key player in the international healthcare landscape."
The collaboration marks Redesign Health's first expansion into an international market, combining the company's venture-building model with Sanabil's extensive network in the Kingdom to deliver on the healthcare needs of the Saudi population.
Redesign Health's experience helping founders launch more than 60 companies in the last six years provides the company with deep insights into both the challenges of innovating in the healthcare sector and the intricacies of business creation.
CEO of Redesign Health, Brett Shaheen, noted: “We're excited to partner with Sanabil, whose deep market expertise makes them the ideal partner to help us accelerate the Kingdom's healthcare transformation.”
Shaheen added: "By combining Redesign Health's venture-building expertise with the Kingdom's ambitious focus on healthcare transformation, we have an opportunity to create a new standard for global healthcare innovation while improving health outcomes across the region."
Redesign Health Managing Director, Adam Jones, concluded: "Saudi Arabia's rapidly evolving healthcare and business landscape presents an extraordinary opportunity to build world class healthcare companies…We look forward to working with Sanabil and dynamic Saudi healthcare partners to empower founders to transform healthcare in service of patients.”
