Telangana targets $250 Bn life sciences ecosystem by 2030-Minister KTR
Hyderabad, Feb 24 (PTI) Aiming to position Hyderabad as the “health-technology mecca” of the world, Telangana IT and Industries Minister K D Rama Rao said on Friday. 250 billion by 2030 from the current USD 80 billion.
Speaking at the 20th edition of BioAsia 2023, a three-day life science conference that began here today, KTR said the state is home to more than 1,000 global life science companies, including top 10 pharmaceutical companies on their innovation journey.
Ecosystem value has already touched USD 80 billion by 2022, indicating a phenomenal ecosystem value growth in Telangana, at a mind-boggling 23 percent compared to the national average of 14 percent in the last two years.
“We have a unique opportunity to change the future of the life sciences industry. We have to dream big. I think that by 2030, the value of the life sciences ecosystem will exceed $250 billion,” he said.
At the current pace, the previous target of $100 billion will be reached by 2025 itself, five years ahead of schedule, he added.
State-of-the-art infrastructure coupled with progressive policies and proactive performance of the government has not only distinguished Telangana as a progressive state, but has also enhanced its role and contribution to positive health outcomes nationally and globally. said.
According to him, this growth is evident from the fact that Telangana has attracted more than USD 3 billion in net new investment in the life sciences sector in the last seven years, creating a total of more than 4.5 lakh jobs.
Telangana contributes 40 percent of India’s pharmaceutical production and is home to more than 1,000 life science companies, including more than 200 FDA-approved drug manufacturing sites, producing both innovative and generic drugs.
Speaking to reporters earlier, KTR said the state government is awaiting court approval for land acquisition for its ambitious upcoming “Pharma City” project.
The Minister said that the first phase will be set up on 14,000 acres and the second phase on 5,000 acres.
According to him, Pharma City has the potential to attract $8 billion in investments and many companies have already expressed their desire to set up their facilities there.
Speaking at the opening session of BioAsia 2023, NITI Aayog member Dr VK Pal said that India’s vaccination program saved 3.4 million lives even as the vaccine sector delivered 258 million doses of vaccine, according to an estimate published in ‘The Lancet’. 101 countries through the bilateral program Maitri vaccine, with an additional 292 million doses through Kovacs.