Hyderabad, Sept.26 (NSS): Minister for IT and Industries Duddilla Sridhar Babu informed that over the past four years, the life sciences sector in Telangana had attracted investments worth Rs.10,000 crore and owing to the State’s industry-friendly environment, pharma and life sciences companies were viewing Telangana as a key destination for expansion.
Speaking at the inauguration of ‘India Lab Expo-2024’ at HITEX here on Thursday, Sridhar Babu addressed representatives from the pharmaceutical industry and also explained about the State government’s investment-friendly policies.
“While India leads globally in pharmaceutical production and exports, Telangana is emerging as a major pharma manufacturing hub. I proudly say that 50 percent of bulk drug exports are from Telangana and the State holds a 19 percent share in life sciences and med-tech startup ventures,” Sridhar Babu disclosed.
He recalled that during the COVID-19 pandemic, four vaccines were manufactured in India, out of which three were produced in Hyderabad.
One-third of all vaccines in the country are supplied from Telangana. Additionally, 30 percent of pharmaceutical production happens within the State and 40 percent of the medicines exported from India come from Telangana,” Sridhar Babu disclosed.
Stating that Telangana is highly conducive for establishing industries in the MSME sector and there is no shortage of skilled human resources, Sridhar Babu said the State is providing necessary infrastructure for the fourth phase of Genome Valley expansion, urging industrialists to seize the opportunity by investing in life sciences.
He expressed happiness that 25,000 products from 25 countries were showcased at the Lab Expo. Notable pharma industry leaders, including Bhupinder Singh, Harshit Shah and Dr. S.V. Veeramani were present at the event.
