KTR launches seven factories at Medical Devices Park in Sultanpur
Hyderabad: Marking a new chapter in the medical devices and life sciences segments, IT and Industries Minister KT Rama Rao on Wednesday inaugurated the factories of seven companies that set up their operations in the 302-acre Medical Devices Park, the largest of its kind in the country, at Sultanpur. The companies that opened their factories […]
Hyderabad: Marking a new chapter in the medical devices and life sciences segments, IT and Industries Minister KT Rama Rao on Wednesday inaugurated the factories of seven companies that set up their operations in the 302-acre Medical Devices Park, the largest of its kind in the country, at Sultanpur.
The companies that opened their factories include Promea Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Rees Medilife. These companies are investing to the tune of Rs 265 crore leading to generation of around 1,300 jobs.
The Medical Devices Park, for which the foundation was laid by Rama Rao four years ago, aims at making India self- sufficient in medical devices, which play a critical role in the healthcare industry.
Speaking on the occasion, he said the facility has come up well and about 50 companies are part of it and seven have launched their operations Wednesday. More will follow the suit in days to come, he said, adding that the facility, even as the construction of many units is still on, is running out of space. This reflected the huge success of the project conceived by the Telangana Government more than four years ago.
Though the facility is now turning into a one stop facility for the scientist and the entrepreneur community in the life sciences segment, it was not an easy job in the concept stage to get the required processes in place, said Rama Rao.
Hyderabad is the life science capital of India. Telangana will consolidate the efforts in the segment to maintain the momentum, he said.
“We are on the path to realise our dream and vision of growing the Telangana Life Sciences industry to over $100 Billion (by 2030). I believe that the next few years will herald a period of unparalleled economic growth in Telangana,” the minister said in a tweet earlier.
Key features of Medical Devices Park
Telangana State identified medical devices and diagnostics as strategic growth sectors for Hyderabad. The Telangana Government had established the country’s largest medical device park spread over 302 acre near Hyderabad in 2017. Since its launch, the park has received overwhelming response with more than 50 companies lining up to set up their manufacturing or research and development units here.
Hyderabad has a dominant position in life sciences and technology and is also known as the healthcare hub of the country. In addition, Hyderabad has numerous companies with expertise in plastics, precision engineering, electronics and others. All of these are vital for the medical device innovators and manufacturers. The Telangana Government has focused on innovation, scale-up and manufacturing. The medical park is located on the eight-lane Hyderabad Outer Ring Road at Sultanpur. Hyderabad is also home to many precision engineering and plastic manufacturers capable of handling multiple types of materials. Also, availability of talent pool from academic and research and training centres also supports the medical devices segment.
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