Hyderabad: Telangana IT and Industries minister K T Rama Rao stated that Telangana has set a target to take the value of the life sciences ecosystem to Rs 20.5 lakh crore ($250 billion) by 2030.
Remarking that the state is three years ahead of the deadline to achieve the target, KTR said that Telangana earlier aimed at reaching 8.2 lakh crore ($100 billion) by 2028 but it had already touched Rs 6.56 lakh crore billion ($80) in 2023 and the remaining would be achieved by 2025.
Speaking at the inauguration of the 20th Edition of BioAsia 2023 themed ‘Advancing for ONE: Shaping the next generation of humanized healthcare’, KTR said that Telangana will actively support startups that drive the convergence of healthcare and technology.
Bristol Myers Squibb announces new pharma facility in Hyderabad
“I am confident that we will have a few global health tech unicorns that will emerge out of this program,” said KTR.
Acknowledging the crucial role that BioAsia has played in the development of the life sciences industry in Telangana and India, the minister said that their efforts have consistently attracted a galaxy of healthcare, pharma, and life sciences leaders from more than 100 countries.
Pulling light on the new investments in the state, KTRC said, “The growth is evident from the fact that the state has been able to attract net new investment of more than $ 3 bn over the last 7 years. During the same period, Telangana has created total employment of more than 4.5 lakh jobs.”
KTR further said that Hyderabad will become the ‘health tech Mecca’ of the world with it being 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.
“Given the current momentum, I am confident that we will achieve our target of $100 billion by 2025 itself, five years ahead of schedule. I commend and thank all the stakeholders who have come together to make this happen,” said KTR.
Declaring the aim to make Telangana, the knowledge capital of the world’s life sciences industry, KTR said, “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 the work being executed by “R&D and technology partners like Aragen, Sai, Syngene, Deloitte, Accenture and Tech Mahindra among many others are being deployed to achieve the aim,” he added.
KTR held that four of the top 10 global innovator companies now have a direct presence in Hyderabad through their dedicated centres that drive core R&D, digital and engineering activities, thereby contributing to bringing lifesaving cost-effective therapies and devices to patients worldwide.