Telangana IT and Industries minister K T Rama Rao stated that the state has set a target to bring the value of the life sciences ecosystem to Rs 20.5 lakh crore ($250 billion) by 2030.
KTR stated that Telangana had previously aimed to reach 8.2 lakh crore ($100 billion) by 2028, but it had already reached Rs 6.56 lakh crore ($80 billion) in 2023 and the remaining would be achieved by 2025.
KTR stated that Telangana will actively support startups that drive the convergence of healthcare and technology at the inauguration of the 20th Edition of BioAsia 2023, themed ‘Advancing for ONE: Shaping the next generation of humanized healthcare’.
“I am confident that we will have a few global health tech unicorns that will emerge out of this program,” said KTR.
Recognizing BioAsia’s critical role in the development of the life sciences industry in Telangana and India, the minister stated that their efforts have consistently drawn a galaxy of healthcare, pharma, and life sciences leaders from more than 100 countries.
Pulling light on the new investments in the state, KTR 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 also stated that Hyderabad will become the world’s ‘health tech Mecca,’ as it is the only city in the country with an expanding Genome Valley, a growing Medtech Park, and an upcoming Pharma City that 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.
ALSO READ: Son of KTR releases his first cover song ‘Golden Hour’ on YouTube
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.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the text’s dependability, trustworthiness, reliability, and data. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)