Hyderabad: Telangana IT minister KT Rama Rao on Wednesday inaugurated seven factories in the medical devices park at Sultanpur.
The seven companies are Promea Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Rees Medilife. They collectively have proposed a total investment of Rs 256 crores which would lead to employing around 1300 people.
Speaking at the event, the IT minister expressed pride and jubilation with regards to investment inflow and job creation.
“It is an immense matter of pride for me to announce today that just in a span of few years, it has taken off so well and has already become one of the leading and most attractive R&D and manufacturing destinations for the medical devices companies. This despite the setbacks faced by the industry and entrepreneurs during the unprecedented Covid period,” he remarked.
Since its launch, the Sultanpur medical device park has 50 companies setting up their manufacturing and R&D units with an overall investment commitment of Rs. 1424 Crores and total employment of around 7000 direct jobs.
“Medical devices park is indeed a very important initiative of the Telangana government which underscores not only our intent to leverage the promising potential of the industry for the State but also to reduce dependency on country’s imports. The park also reinforces the government’s commitment to strengthen the state’s manufacturing capabilities which going forward, will help attract even greater investments in a broad range of medical device product segments ranging from capital equipment, implantable devices, diagnostics, and consumables. We aim to make this park as not just a global factory for the world but a global medtech innovation ecosystem,” he asserted.