Life Sciences to get a fillip in Telangana
KTR releases vision document; TS plans to touch $50 billion by 2030
Hyderabad: Telangana State, building up on its strong base in the Life Sciences sector, is poised to take a quantum leap in the next 10 years, pushing the sector among the top clusters in Asia and a leading cluster in the world. The State’s aim is to touch the US $50 billion mark in revenue generation from the sector by 2030 from the present level of US $12 billion.
IT and Industries Minister K T Rama Rao, releasing the “Telangana Life Sciences: Vision 2030” report prepared by the Life Sciences Advisory Committee on Tuesday, said: “Our vision is to become one of the top life sciences clusters in Asia and a leading cluster in the world by 2030. The report prepared by the Life Sciences committee will give us the strategic direction in achieving this vision.”
As per the vision statement, the State is expected to hit the $50 billion mark by 2030, and such a leap in industry size requires growth in the Life Sciences research and manufacturing equipment production activity as well. Telangana’s Life Sciences industry has been growing at a Compound Annual Growth Rate (CAGR) of around 10 per cent. The ambitious vision requires a CAGR of around 18 per cent across 2017-2030. The State, according to the vision document, will consider expanding its occupancy mix to attract some of the leading international players to fuel the State’s industrial growth to realise its vision.
Given the current market dynamics, the ecosystem in Telangana State and the aspirations that stem from the 2030 Life Sciences vision, the State will consider three major interventions – giving a fillip to pure-play innovation, building a world-class life sciences eco-system and putting in place the enablers for sustainable growth. The Hyderabad Pharma City planned by the State government holds the potential to turn into a world-class Life Sciences centre, the vision report pointed out.
The Life Sciences Advisory Committee is expected to play a vital role in shaping the government’s policies and efforts to further the leadership position of Telangana in the Life Sciences sector.
Committee chairman Satish Reddy and other members presented the report to the Minister. Officials including Jayesh Ranjan, principal secretary (I&C) and Shakthi Nagappan, director (Life Sciences) were present in the meeting.
Speaking on the occasion, Satish Reddy said: “The Life Sciences Advisory Committee will work closely with the State government to achieve the vision of becoming one of the top life sciences clusters in Asia by 2030. Telangana has the advantage of skilled manpower, strong technical capabilities and high-quality infrastructure with a proactive government which will give it the thrust in realising the vision.”
Among the key goals, driven by the Vision 2030 spirit of ‘Telangana for Telangana First’, the State government could spur innovation growth and meet the unmet medical needs of the masses by floating dedicated grants-backed missions against critical diseases. The government could also consider floating grants for research against critical epidemics, the document said.
The vision document was prepared after detailed discussions with the stakeholders including industry, investors, academia, advisors, the State government and other non-governmental entities.
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