Telangana favourite destination for investments in life sciences, healthcare: KTR
He termed Telangana as the most successful start-up State in the history of India.
Hyderabad: IT and Industries Minister KT Rama Rao on Tuesday invited healthcare companies from across the globe to invest and establish their units in Hyderabad, which is already a home for over 1,000 companies in the life sciences sector. He termed Telangana as the most successful start-up State in the history of India.
“The next decade belongs to life sciences and healthcare, and the Telangana government is committed to promote the sector,” he said, assuring all support on behalf of the State government to companies keen to invest in Telangana.
Participating in a meeting with heads of multi-national companies from healthcare and life sciences sectors at the ongoing World Economic Forum in Davos on Tuesday, the Minister said due to the revolutionary administrative and industrial reforms, Telangana received investments worth 47 billion dollars within eight years of its formation. He explained about the TS-iPASS, a single window system for speedy permissions for those seeking to start their operations in the State, which is being emulated by many others in the country.
“The World Economic Forum has recognised the efforts of Telangana State in development of healthcare and life sciences ecosystem in Telangana and has come forward for establishing its Centre for the Fourth Industrial Revolution at Hyderabad in collaboration with the State government. Telangana has a unique opportunity to spearhead healthcare and life sciences sector in South Asia,” he added.
Several MNCs from life sciences and healthcare sector including Novartis, Bayer, Sanofi, and Johnson and Johnson among other 1,000 such companies are operating from Hyderabad, which is also home for production of nearly 35 per cent of the world’s vaccines and also more than 200 FDA approved bulk drug manufacturing units.
Rama Rao also said Hyderabad has not only manufacturing units in lifesciences and pharma sectors, but also several large scale research and development centres. With strong presence of IT and IT-enabled services companies, he said people from different sectors will have access to emerging technologies like data sciences, artificial intelligence, machine learning and metaverse among others. A large pool of human resources specialised in chemistry, biology, and genetic engineering were also available for the companies seeking to establish their units, he said.
