TS on course to host $100 bn Life Sciences industry ecosystem by 2028

State will consolidate gains, push for growth, and help companies move from volume to value focus: KTR 

The Telangana government will consolidate and continue to push for accelerated development of the Life Sciences industry in the State amid the enhanced focus globally on healthcare and emerging opportunities, Industries and IT Minister K. T. Rama Rao said on Tuesday.

“We have to play to our strengths... will consolidate and continue to push what we are doing,” he said, pointing to how the State was a leader in pharmaceutical drug and vaccine manufacturing, home to facilities of renowned CROs and CDMOs and emerging a medical devices production hub.

In doing so, the aim would be to double valuation of Life Sciences industry ecosystem in the State, from the $50 billion estimated in 2021 to $100 billion by 2028. “We also want to double the number of people employed [by the firms] from 4 to 8 lakh,” the Minister told a curtain raiser press meet for BioAsia 2023.

Highlighting the various initiatives of the State government to accelerate growth such as the B-Hub in Genome Valley, near here, and showcasing Telangana at various forums besides promoting innovation, Mr Rama Rao said that as part of a consolidation strategy, the stress would be be on helping companies shift from volume to value focus and thus, $100 billion target could be achieved sooner than later, said the Minister.

BioAsia 2023 would be 20th in the series of annual flagship sector-specific events of the State Government and was scheduled to be held here February 24-26. The UK would be the partner country and Flanders international partner region this year.

In the last 19 years, BioAsia had helped attract $3 billion in investment in the industry, played host to leaders from more than 100 countries and served as a platform for over 250 LoIs, bilateral cooperation agreements and MoU, besides contributing to 30 knowledge papers and policy recommendations.

Delegates from about 50 countries were expected at BioAsia this year, which would have ‘Advancing for ONE - Shaping the next generation of humanised healthcare’ for its theme. Key speakers at the conference this year would be Novartis CEO Vas (Vasanth) Narasimhan, Moderna co-founder Robert Langer, Coalition for Epidemic Preparedness Innovations CEO Richard Hatchett, Apple VP Health Sumbul Desai, Member (Health) of NITI Aayog VK Paul and leaders of the Indian pharma industry.