Noting that Telangana had identified medical devices as a "strategic sector" for the state's growth, Industries Minister K T Rama Rao today invited global medical technology majors to visit the place for assessing the opportunities in this regard.
He was speaking at AdvaMed 2016, one of the world's most prestigious medical technology conferences, at Minneapolis as part of his US visit to promote Telangana. The visit aims at attracting investments into pharma, medical and health-care sectors, a state government release said here.
The minister highlighted the opportunities India offered to MedTech companies and the advantages of Telangana, it said.
"We are developing a Medical Devices Park in about 250 acres in phase I and in about 1,000 acres in phase II, which will be first of its kind, with focus on innovation, R&D and manufacturing. Along with Pharma City, spread over 15,000 acres and an existing bio-tech park Genome Valley, it creates the most ideal eco-system for any Med Devices company," he said.
Rao stated that Telangana had registered double-digit growth rate and introduced an industry-friendly industrial policy through which approvals had been given to over 2,500 units so far.
Observing that several surveys like Mercer gave Hyderabad and Telangana top ranks in various segments, he said the city was home to top companies like Google, Microsoft, Facebook. He also highlighted the demographic advantage of the state in terms of work force.
"Stating that India imports 80 per cent of its medical equipment and that the medical devices sector is pegged at USD 6.3 billion, the Minister was quick to add that the sector is registering a robust compound annual growth rate (CAGR) of 15 per cent. Rama Rao said the sector is expected to touch USD 25 billion by 2025," the release added.
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