As Telangana aims at catalyzing industrial growth in the state, with a focus on the life sciences sector, Government of Telangana is contemplating a ‘Vision 2030 action plan’ to boost the life sciences sector in the state.
IT and Industries Minister KT Rama Rao has met with the representatives of Telangana Life Sciences Advisory Committee in Hyderabad on Tuesday, where he discussed various investment opportunities and action plan to boost life sciences sector in the state.
According to a statement from the minister’s office, KTR said that the government of Telangana aims at attracting new investments to the state and at the same time will give priority to the existing industries. The government is also planning to set up an investment promotion body which will closely work with investors.
“Government of Telangana has recognized life sciences as a thrust area and is giving top priority to research and innovation in pharma sector,” KT Rama Rao said.
KTR has been emphasizing on the growth of the life sciences sector in the state. During the inauguration of the BioAsia summit in Hyderabad last month, the said that the government aims to double this ecosystem in the state to $100 billion from the current $50 billion in 10 years and will working with the industry to leverage its strength. The sector is expected to create four lakh jobs over the next 10 years.
In order to strengthen the sector, the government will also set up an incubator similar to T-Hub at Genome Valley. The proposed incubator will help in research and innovation in life sciences sector.
The government is working on strengthening the life sciences ecosystem in the state and will be exploring opportunities in the fields of digital medicine and artificial intelligence.
Research and Innovation Circle of Hyderabad (RICH) will coordinate between Pharma companies, educational institutions and research institutions like CCMB to strengthen the research work.
KTR also plans on requesting for sanction of a special fund in the upcoming budget to help startups in the life sciences sector.