Life sciences ecosystem to cross 250 billion dollars by 2023, says Minister KTR
Feb 25, 2023
Hyderabad (Telangana) [India], February 25 : Telangana Minister for IT and Industries K T Rama Rao on Friday said that the state government is aiming to triple the life sciences sector ecosystem in the state to USD 250 billion by 2030 from the existing USD 80 billion.
"We have been able to attract new investment of more than three billion dollars over last seven years and create employment of more than 4.5 lakh jobs in life sciences ecosystem," he said.
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.
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.
But I don't want us to stop here. We have a unique opportunity to help reshape the future of the lifesciences industry. We need to dream BIG. I envision that by 2030, the value of the lifesciences ecosystem will cross USD 250 billion. There are four pillars that will help us achieve this audacious target," said the Minister.
He was speaking at the inaugural ceremony of BioAsia 2023, the 20th edition of BioAsia, Asia's largest Life Sciences and Healthcare forum.
"The growth is evident from the fact that we have been able to attract net new investment of more than USD 3 billion over the last 7 years. During the same period, we have created a total employment of more than 4.5 lakh jobs. Our ultimate aim is to make Telangana, the knowledge capital of the world's life sciences industry. A key component of this is the growth of the life sciences services sector. We already serve more than 1000 life sciences companies globally, including the top 10 pharma companies, in their innovation journey.
"The state of Telangana has been a frontrunner in identifying the importance of life sciences, pharma and of course the development of holistic healthcare. With our vision to develop, promote and propagate an enabling ecosystem, we are proud to state that Hyderabad is 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," he said.
"This state-of-the-art infrastructure, combined with progressive policies and proactive execution on the part of the government, has not only distinguished us as a progressive state, but also enhanced our share and contribution to positive health outcome nationally and globally," he added.
