Telangana Industries and IT Minister K.T. Rama Rao on Friday said the Life Science ecosystem in the State will touch $100 billion valuation mark by 2025, five years ahead of the schedule.
“The value touched $80 billion in 2022… representing a phenomenal ecosystem value growth in Telangana at 23% over last two years compared to the national average of 14%,” he told the inaugural session of BioAsia 2023, the 20th in the annual series of the State government’s flagship event devoted to the Life Sciences industry.
Stating he envisioned the valuation to cross $250 billion by 2030, the Minister said complex manufacturing at scale; stress on research and development and innovation; building of high-end, cross-value chain global capability centres; as well as promoting convergence of healthcare and technology are four pillars on which the “audacious target” is to be achieved. At a curtain raiser briefing for BioAsia recently, Mr. Rao accompanied by senior officials had said the Life Sciences ecosystem was valued $50 billion in 2021 and on course to touch $100 billion by 2028.
Telangana’s state-of-the-art infrastructure combined with progressive policies and proactive execution on the part of the government has not only helped distinguish itself as a progressive State but also enhanced its share and contribution to positive health outcome nationally and globally. It has been able to attract more than $3 billion over the last seven years in Life Sciences and created more than 4.5 lakh jobs, Mr.Rao said, adding that the aim is to make Telangana knowledge capital of the world’s life sciences industry.
The State contributes to 40% of country’s pharmaceutical production, home to more than 1,000 Life Sciences companies and only region globally to have more than 200 FDA approved sites for pharmaceutical manufacturing that produce innovator and generic medicines. “Our capability will be strengthened launch of Hyderabad Pharma City, which will be world’s largest and sustainable integrated pharma park,” he said. Launch of the ambitious, integrated project, on 19,000 acres with first phase involving 14,000 acres, is awaiting verdict on a few cases before the court of law.
Highlighting how Hyderabad is regarded as epicentre for drug discovery and development services in Asia, Mr.Rao said over next five years “we will position Hyderabad as a high-end GCC destination for world’s leading Life Sciences companies. These efforts will help expand our knowledge capital beyond manufacturing to other parts of the Life Sciences value chain.” Efforts are also under way to establish an Institute of Curative Medicine in the city with the aim to provide affordable development and commercialisation of new age curative therapies, particularly cell and gene therapy, for disease pertinent to India, he said.
With technology and advent of AI driving transformative changes in the way diseases are diagnosed and healthcare delivered to patients, the State will work on a programme to position Hyderabad as Healthtech Mecca of the world, the Minister said. Advancing for ONE: shaping the next generation of humanised healthcare’ is the theme of BioAsia this year, which comprises two-day conference, upto Saturday, and an exhibition on Sunday.