Telangana state targets USD 250 billion life sciences ecosystem
According to him, Telangana has been able to attract new investment of more than $3 billion over the last seven years and able to create a total employment of more than 4.5 lakh jobs.
Published: 25th February 2023 10:41 AM | Last Updated: 25th February 2023 10:41 AM | A+A A-
For representational purposes
HYDERABAD: Telangana, which has become a dominant player in the pharma and life sciences sectors, is poised to witness a US $250-billion life sciences ecosystem by 2030 which is more than double the government’s target, said IT & Industries Minister KT Rama Rao.
Addressing the captains of the pharma and life sciences industry and stakeholders at the inauguration of BioAsia 2023, he said that when the State had set out a vision of doubling our ecosystem value to $100 billion by 2030, a lot of people felt that it was too ambitious.
“I am pleased to announce that the ecosystem value has already touched $80 billion in 2022. This represents a phenomenal ecosystem value growth in Telangana at a mind-boggling 23 per cent over the last two years compared to the national average of about 14 per cent. Given the current momentum, I am confident that we will achieve our target of $100 billion by 2025 itself, five years ahead of schedule,” he said.
Rama Rao said that the aim was to make Telangana, the knowledge capital of the world’s life sciences industry. He asserted that Telangana has been a frontrunner in identifying the importance of life sciences, pharma, and, of course, the development of holistic healthcare. He stated that Hyderabad is the only city in the country that has an ever-growing Genome Valley, an expanding Medtech Park, and an upcoming Pharma City, which will be the world’s largest.
According to him, Telangana has been able to attract new investment of more than $3 billion over the last seven years and able to create a total employment of more than 4.5 lakh jobs. Rama Rao went on to say that their ultimate aim was to make Telangana, the knowledge capital of the world’s life sciences industry. A key component of this is the growth of the life sciences services sector.
“We already serve more than 1,000 life sciences companies globally, including the top 10 pharma companies, in their innovation journey. This is being done through cutting-edge work being executed by R&D and technology partners like Aragen, Sai, Syngene, Deloitte, Accenture, Tech Mahindra, among many others. I am delighted that four of the top 10 global innovator companies now have a direct presence in Hyderabad through their dedicated centres,” he said.
