Andhra to redraft Biotech Policy

YSR lays foundation stone for Biotech Park Phase III

The Andhra Pradesh government proposes to redraft the Biotech Policy and introduce positive changes that would create an investor-friendly environment.

The updated policy will be in tune with the current industry trends and in line with the National Biotechnology Policy, according to chief minister Y S Rajasekhara Reddy.

The key highlights of the existing Biotech Policy of the state government include single window clearance system, sales tax of one per cent and provision of rebate based on the employment opportunity created.

The proposed changes are required in view of various new initiatives being undertaken by the government, the chief minister disclosed this during the foundation stone laying ceremony for Phase III of Biotech Park at Karakapatla in Medak district today. The state government has earmarked 414 acres of land in the Genome Valley for Biotech Park Phase-III.

The first two phases of the Shapoorji Pallonji Biotech Park have been completed and 23 biotech companies have started their operations in this facility. The project is spread over 400 acres.

The Genome Valley is India's first state-of-the-art biotech cluster providing world-class infrastructure to over 100 biotech companies. It comprises India's first knowledge park""ICICI Knowledge Park, and India's first Biotech Park""Shapoorji Pallonji Biotech Park. India's Biotechnology Incubation Centre will also be located here.

The state has emerged as a hub for bio-pharma companies with these companies comprising more than 50 per cent of the state's biotechnology industry.

About 14 international biotech companies have established their operations in the cluster over the last one year and several others such as Nektar Therapeutics and United States Pharmacopeia have decided to establish their operations in the Genome Valley.

Since last year, the government got in touch with more than 50 potential companies in the biotechnology sector and offered them the required support to invest in Andhra Pradesh.

The total investment in the sector is expected to be Rs 200 crore in next five years and is expected to provide employment to about 1,000 people.