Aiming to position Hyderabad as the "Health-Tech Mecca" of the world, Telangana Minister for IT and Industries K T Rama Rao on Friday said the government targets to triple the life sciences sector ecosystem in the state to USD 250 billion by 2030 from the existing USD 80 billion.
Speaking at the 20th Edition of BioAsia 2023, a three-day life sciences conclave which began here today, KTR said the state is home to over 1,000 life sciences companies globally, including the top 10 pharma firms, in their innovation journey.
He said the ecosystem value has already touched USD 80 billion in 2022 which represents a phenomenal ecosystem value growth in Telangana at a mind-boggling 23 per cent over the last two years compared to the national average of about 14 per cent.
"We have a unique opportunity to help reshape the future of the life sciences industry. We need to dream big. I envision that by 2030, the value of the life sciences ecosystem will cross USD 250 billion," he said.
He further said given the current momentum, the state will achieve the earlier target of USD 100 billion by 2025 itself, five years ahead of schedule.
The state-of-the-art infrastructure combined with progressive policies and proactive execution on the part of the government, has not only distinguished Telangana as a progressive state, but also enhanced its share and contribution to positive health outcome nationally and globally, Rama Rao said.
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According to him, the growth is evident from the fact that Telangana was able to attract net new investment of more than USD 3 billion in the last seven years in the life sciences sector creating a total employment of more than 4.5 lakh jobs.
Telangana contributes 40 per cent of India's pharma production and is home to more than 1,000 life sciences companies and is growing, he said, adding over 200 FDA approved sites for pharmaceutical manufacturing which produce both innovator and generic medicines are located in the state.
Earlier talking to reporters, KTR said the state government is awaiting court clearance on land acquisition for its ambitious upcoming "Pharma City" project.
The Minister said the first phase of the cluster will come up in 14,000 acres and the second phase in 5,000 acres.
According to him, the Pharma City has the potential to attract USD 8 billion in investments and several firms have already expressed their intent to set up their facilities over there.
Dr VK Paul, member, NITI Aayog, who spoke in the inaugural session of BioAsia 2023 said as per the estimates published in 'The Lancet' the vaccination programme of India saved 3.4 million lives even as the vaccine industry supplied 258 million doses of vaccines to 101 countries through Vaccine Maitri, the bilateral programme, in addition to 292 million doses through Covax.
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