Last updated : February 24, 2022 7:53 pm
The Genome Valley region has played a pivotal role in fostering the life science industry and the state government has always supported its growth
Telangana has attracted investments of over Rs 6,400 crore from over 215 companies in the last one year in the healthcare and life sciences space. The investment recieved in 2021 is more than 200% of the amount that was attracted by the sector previous year. Consequently, the sector generated over 34,000 job opportunities in the state, KT Rama Rao, Minister for Industries & IT, Government of Telangana, said while addressing the inaugural session of BioAsia 2022 in Hyderabad.
He said that Telangana and especially the Genome Valley region have played a pivotal role in fostering the life science industry and the state government has always supported the growth of the industry.
The Genome Valley region continues to receive investments and a few hundred crore of investments have been lined up by Indian and overseas companies, he informed.
He said that it was a proud moment for the state when two of the Indian approved vaccines namely Covaxin and Corbevax have been developed in the state and that’s because of the enabling environment and encouragement by all stake holders to make it a success.
The Minister informed that the Telangana government inaugurated the medical devices park in Hyderabad in December 2021 and seven large companies have already started its operations. The park has already attracted over 50 companies and an investment to the tune of Rs 1,500 crore have been committed. This will generate direct employment for over 7,000 people.
He revealed that very soon Hyderabad will have its own Pharma City and the work is underway to develop it as a leading hub for pharma manufacturing with all environmental regulations and clearances in place.
Commenting on the Indian pharma industry, he pointed out that while India is called the pharmacy of the world, we are number three in volume but in value terms we are 14th in the world. This has to change and only incremental innovations will not be able to help us. He explained that the gap between value and volume should get narrower if we have to take our rightful place in the global pharma landscape.
The industry has to invest in R&D and rise up otherwise it will be left out due to various factors such as price erosion in the US and other developed markets.
India represents 18% of the global population but we have not innovated enough to create value and this has to change, he opined. The Telangana government will play the role of a catalyst and it’s the industry that should take the next step. India should also be in the forefront of attracting overseas companies to invest in India, he said.