Hyderabad: Telangana Industries and IT minister D Sridhar Babu stated that the state government is steadfast in its efforts to enhance the pharmaceutical sector within the state, particularly by supporting Micro, Small, and Medium Enterprises (MSMEs) and fostering innovation.
He emphasized the aspiration for Telangana to become a crucial player in the global life sciences value chain while promoting sustainable practices.
“Over the past thirty years, the pharmaceutical industry in Telangana has experienced significant growth, and the government aims to boost the state’s contribution to India’s pharmaceutical production from approximately 33% to 50%,” he added.
‘MSMEs key to growth’
During the inauguration of several exhibitions, including analytica Anacon India and Pharma Pro&Pack Expo 2024 at Hitex, he highlighted projections indicating that India’s pharmaceutical market is expected to expand from around $50 billion to $500 billion by 2047, with MSMEs playing a vital role in this growth.
“The government is committed to providing support for MSMEs across various industries, particularly in pharmaceuticals, through favorable policies and financial assistance, alongside incubation facilities for startups. Recently, chief minister A Revanth Reddy introduced the state’s inaugural MSME policy to further these objectives,” he said.
Speaking further, the minister said that the government is concentrating on several key initiatives to enhance industrial infrastructure, simplify business operations, and ensure a skilled workforce through the establishment of the Young India Skills University.
“It has also created specialized industrial parks, including Genome Valley and Medtech Park, with plans for a significant expansion in Genome Valley’s fourth phase.
Telangana’s share in drug exports
According to a statement from the minister’s office, Telangana accounts for 50% of the country’s bulk drug exports and holds a 19% share in life sciences and Medtech startup ventures.
In the last four years, the life sciences sector has drawn investments totalling Rs 10,000 crore.
The organizers of the exhibitions noted that this year’s event features over 500 exhibitors, showcasing 7,000 products and 120 new product launches, positioning it as a crucial platform for advancing India’s scientific, laboratory, and pharmaceutical sectors.
