Telangana to double size of life sciences sector to $100 billion in 10 years
The state government of Telangana aims to double the valuation of life sciences ecosystem in the state to $100 billion in 10 years. The life sciences ecosystem in the state is currently valued at $50 billion with the presence of over 800 companies.
The state government of Telangana aims to double the valuation of life sciences ecosystem in the state to $100 billion in 10 years.
The information was shared by the state’s Industry Minister K T Rama Rao while inaugurating the 15th BioAsia summit on February 22, 2018. Rao said that the government would work the industry to use its existing strength in life science industry to make it an economic growth engine, creating 4 lakh jobs in next 10 years.
• The life sciences ecosystem in the state is currently valued at $50 billion with the presence of over 800 companies.
• The state has further strengthened its leadership position in life sciences innovation and manufacturing hubs, by contributing more than 35 per cent to the national pharmaceutical production of the country.
• The state is also recognised as the vaccine hub of India and the world, producing about 33 per cent of global vaccines dosages.
• World-class infrastructure, cluster approach and availability of manpower continue to attract major global and Indian life sciences companies to the state.
• Further, the establishment and development of Genome Valley, Pharma City and Medical Devices Park make the state’s capital city – Hyderabad - a unique destination.
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Further, Rao announced that Genome Valley cluster will be expanded. The government would be immediately initiating formulation of an integrated master plan for the cluster, which will mark the beginning of Genome Valley 2.0.
The government is also planning to build an incubator focused on vaccine development in Genome Valley, as a part of its initiative to achieve the target of development of at least one vaccine every year in the state. The Genome Valley is home to more than 200 companies with approximately 10,000 scientific and technical workforces.
Besides this, Telangana has been working closely with the Central government to accelerate the establishment of country's largest animal resources facility, which will amplify benefits to the life sciences companies and will accelerate development and significantly reduce the time to market of new drugs.
The government is also keen to establish an institute focused on emerging areas like immunotherapy, personalized medicine and nanomedicine.
The life sciences infrastructure fund started last year will start making investments in 2018.
The state government aims at creating assets in the life sciences sector worth at least Rs. 3000 crores in the next 2-3 years.
The state’s ambitious Hyderabad Pharma City project will also be grounded in the next few months. The project is currently awaiting environmental clearance.