Science

Telangana aims to double life sciences industry size to $100 bn

Hyderabad | Updated on February 23, 2018 Published on February 23, 2018

“We aim to create assets in the sector which are worth at least Rs 3,000 crore in the next 2-3 years,” says Telangana State Minister for IT, and Urban Development, K T Rama Rao.

The Telangana State Minister for IT, and Urban Development, K T Rama Rao, has set a target of doubling the size of the life sciences industry sector to $100 billion in the next decade. The objective is also to create 400,000 jobs.

Inaugurating the 15th annual BioAsia event at the HICC, he said the present size of the industry is $50 billion with over 800 companies. “We aim to create assets in the sector which are worth at least Rs 3,000 crore in the next 2-3 years,” he added.

Rama Rao unveiled plans to set up an incubator focussed on vaccine development, infrastructure fund, expansion of the Genome Valley etc., to spur the growth in the sector.

The present, 3-day edition of BioAsia has attracted the participation of 1,500 delegates from healthcare, biotech, pharma, life sciences, IT, academia and startups representing over 55 countries with 100 high profile speakers and 500 corporates.

At the inaugural, the Minister also presented the Genome Valley Excellence Award to Michael N Hall from Biozentrum University of Basel, Switzerland for his pioneering work in discovering the nutrient activated Target of Rapamycin (ToR) protein and its central role in the metabolic control of cell growth.

Rama Rao said Telangana contributes more than 35 per cent to national pharmaceutical production in the country. It also produces nearly 33 per cent of the global vaccine dosages and can rightly claim to be the Vaccine Hub of India and the world, he said.

An MoU was signed between TSIIC and Central Spectrum (M) Sdn Bhd, Malaysia for mutual promotion of the state of Telangana and Selangor Bio Bay, and facilitation of research in the field of life sciences, biotechnology, healthcare and medical devices.

Ireland, Netherlands and South Africa are the international partners, while Gujarat, Assam and Rajasthan are the Indian states partnering the event.

Published on February 23, 2018
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