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Hyderabad is life science capital of India over $100 billion by 2030: KTR

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Hyderabad: In a landmark event, not just for Telangana but also for the entire country, seven medical devices companies began their manufacturing operations on Wednesday with their inauguration by IT and Industries Minister KT Rama Rao in the sprawling Medical Devices Park (MDP) at Sultanpur in the city outskirts.

“Hyderabad is already the life science capital of India, and Telangana will consolidate its efforts in the segment to maintain the momentum. We are on the path to realise our dream of growing the Telangana Life Sciences industry to over $100 billion (about Rs 7.4 lakh crore) by 2030. It was valued at $50 billion in 2020. I believe that the next few years will herald a period of unparalleled economic growth in Telangana,” the Minister said in his inaugural address.

The inauguration of seven units in one go marks a new chapter in the history of medical devices and life sciences segments. The companies that opened their units at the MDP include Promega Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Rees Medilife that have together invested Rs 265 crore to generate 1,300 jobs. The MDP, with its foundation laid in 2017, aims at making India self-sufficient in medical devices.

“It is a matter of immense pride for me to announce that just in a span of a few years, MDP has taken off so well and has already become one of the leading and most attractive research and development and manufacturing destinations for the medical devices companies,” Rama Rao said. The Minister went on to point out that about 50 companies are part of the MDP and construction of their units was in various stages. “They have committed to invest about Rs 1,424 crore, creating direct employment for 7,000 and twice that number indirectly. Sahajanand Medical Technologies, which is setting up the largest stent making facility at the MDP, is expected to be ready by April or May next,” he said.

“Telangana recognises medical devices and diagnostics sector as a high potential, high growth sector, which presents unlimited opportunities. The MDP underscores our intent to reduce the country’s dependence on imports. The government is committed to strengthening the State’s manufacturing capabilities which will help attract even greater investments in medical device product segments ranging from capital equipment, implantable devices, diagnostics, and consumables. We aim to make this park, not just a global factory for the world but a global MedTech innovation ecosystem,” Rama Rao said.

India is among the countries recently named as likely to have the strongest gains in developing next-generation life-saving products and rapid diagnostics manufacturing, to meet the urgent healthcare needs of the world in the coming years. “During this period of tremendous growth in both the Indian economy and its healthcare sector, coupled with availability of skilled human resource and low operation costs, it is a critical time to capitalise on the opportunities in the medical devices sector available within India, and particularly in the MDP of Hyderabad,” he said. Hyderabad is home to many precision engineering and plastic manufacturers capable of handling multiple types of materials. Also, the availability of talent pool from academic and research and training centres supports the medical devices segment.

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