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Telangana attracts over Rs 10k cr in Life Sciences in 4 years

Press Trust of India  |  Hyderabad 

Telangana, already home to pharma majors such as and Dr Reddy's, attracted over Rs 10,000 crore investments in the life sciences sector in the past four years, the said today.

This included Rs 3,000 crore in research and develoment (R&D), the government said adding its aim was to take the overall industry size to USD 100 billion in the future.

After the introduction of (Industrial Policy) in 2015, about 700 investment proposals, including over 100 in R&D, had been approved by the and of this 80 per cent were in the stage of project execution, an official release said.

The past four years have also seen the states life sciences sector being a magnet for investments of about Rs 10,222 crore, including Rs 3000 crore in R&D alone. We are happy that our policies are bearing fruit," state IT and K T Ramarao said.

Noting that the life sciences sector added value to the lives of the people and brought laurels to the state and the country, he said the government was committed to fostering its the growth.

"We are dreaming big we want to double the size of the sector to USD 100 bn dollars, Minister for IT and Industries K T said.

The state has become home for pharma majors such as Ferring Pharma, Chemo, GSK, Syngene, Slayback Pharma, Johnson & Johnson among others.

The investments envisage about 20,000 high value R&D employments and around 50,000 in the state.

The contribution of Life Sciences sector to the overall product export value from was "a whopping" 36 per cent, which has almost doubled during the last four years, the release said.

With the focus on cluster development initiatives such as Hyderabad Pharma City, Genome Valley 2.0 and the Medical Devices Park among others, the government extended "a red carpet to industry", it said.

The government had partnered with the US Pharmacopeia, an industry body that sets the standards for drugs, to set up a training institute for university graduates and pharma professionals addressing the skill gap on regulatory and data, the release added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, August 12 2018. 14:50 IST