Telangana making rapid strides in life sciences, attracts Rs 6,400 cr investments in one year: KTR
Inaugurating the 19th edition of BioAsia, the annual flagship event of the life sciences industry, he said Covid has placed focus on the healthcare sector and there is a need for creating robust healthcare ecosystems.
Hyderabad: Telangana has succeeded in attracting investments worth Rs 6,400 crore in the life sciences sector from 215 companies including new and existing ones. This resulted in creating employment to an additional 34,000 people. The investment secured in the last one year is more than 100 per cent over the previous year, said Industries Minister KT Rama Rao.
Inaugurating the 19th edition of BioAsia, the annual flagship event of the life sciences industry, he said Covid has placed focus on the healthcare sector and there is a need for creating robust healthcare ecosystems. Hyderabad continues to make an indelible print on the lifesciences segment globally. Two out of three adult vaccines for Covid as well as two vaccines for children have been developed in Hyderabad, he said.
Several companies like Syngene, DFE Pharma, Piramal, CVR, Laurus and a host of others have lined up significant investments in the State, Rama Rao said adding that the medical devices park being implemented in the State already has eight functional units and about 20 more will launch their operation in the next six months or so. The medical device park has committed investments of Rs 1,500 crore and will create about 7,000 jobs. This State is in discussion with several companies in the life sciences segment for investments and the details will be announced shortly.
Telangana under its life sciences grid strategy has set a target of doubling the value of the life-sciences ecosystem to about $100 billion by 2030 from the current $ 50 million with creation of about 4,00,000 new jobs. The Government has strengthened and expanded the successful Genome Valley cluster, launched the country’s largest medical devices park, biological scale-up manufacturing facility – B Hub, life sciences infrastructure fund, digital medicines hub, industry-led skill development programmes, among others.
The Hyderabad Pharma City, which will be the largest pharma cluster, is being planned to be efficient in terms of processes as well as cost. The Government is also putting special focus on the environment and it has already established a Centre of Excellence for Flow Chemistry for promoting green manufacturing processes, Rama Rao said.
Though the life sciences segment is doing well, there is scope to enhance the value and volumes and firms should focus on aspects like clinical research, human capital, research and development, complex generics and allied segments. Only a few companies operating in the segment have global presence and there is a need to rise up the value chain. This can be achieved by creating a conducive environment for healthcare companies. He urged the Government of India to focus on aspects relating to IPR, pricing policy, reimbursement, duty structure, incentives to research and development, healthcare delivery and others, which the industry has been voicing concerns about.
From the State Government perspective, Telangana will continue to lead by example by creating ecosystems that will bring advanced scientific infrastructure, forge industry and academia relationships, train the manpower and more, he said.
BioAsia is Asia’s largest life-sciences and healthcare forum. It is being held virtually due to the pandemic and this year’s edition has seen over 32,000 registering. The focus for this year is the transformative future of the healthcare sector as a whole as well as a diverse set of industries such as healthtech, pharmaceuticals, biopharma, and medtech among others. The two-day event will deliberate on Covid being a transformative force for the healthcare industry.
The event is focused on driving the growth of the industry, fostering collaborations, JVs, mergers and acquisitions. knowledge and experience sharing by global industry players to benefit all stakeholders, promoting innovations and advocating issues to the policy makers and chartering the road-map of bio-technology.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .
