Currently, the state contributes about one-third to India’s total life sciences exports of $42 billion.
Rao, who inaugurated the 18th edition of BioAsia 2021 in Hyderabad on Monday, said the city, known as the vaccine capital of the world, had attracted more than 3,700 crore in investments during the last one year. Some of the companies that announced expansions and investments include Switzerland-based Ferring Pharmaceuticals, Canadian firm Jamp Pharmaceutical, Syngene, GVK Bio, Granules India,
and Sai Lifesciences.
Rao said the life sciences sector in Telangana had responded with resilience despite widespread health and economic distress caused by the Covid-19 pandemic and witnessed tremendous growth during the year.
“Our dream and vision of growing the life sciences industry to over $100 billion looks plausible and we remain committed to it,” Rao said.
Satish Reddy, chairman of generic drugs maker Dr Reddy’s Laboratories, who is advising the Telangana government on its life sciences policy, said the virus outbreak has provided a ‘once a lifetime opportunity’ for India in general and Telangana in particular “in unleashing its growth potential in all segments of the pharmaceutical value chain.”
The Life Sciences Advisory Board – appointed by the state government during the Covid-19 pandemic and comprising representatives of leading pharmaceutical and vaccine producers – has prepared the Vision 2030 document for Telangana.
The Board, which was divided into various subgroups, has prepared and submitted a detailed set of recommendations to the state government to achieve the goals set for 2030, “to become one of the top life sciences clusters in Asia by leading innovation-driven, and tech-enabled growth, and leveraging the latent domestic demand,” Reddy said.
The life sciences sector in Telangana has the potential to move up to nearly $100 billion over the next 10 years, he said.
Rao said Telangana was also committed to the Hyderabad Pharma City project soon to help India’s pharma industry regain its leadership position in Active Pharmaceutical Ingredients and Key Starting Materials, offering significant cost and value benefits.
The state government was also working on many initiatives like the Digital Medicine Hub, Institute for Cell and Gene Therapy, Flow Chemistry Hub, and a world-class Life Sciences University, he added.