Hyderabad: The Telangana government said that it will work with life sciences c to double its valuation and creating four lakh jobs in the next 10 years, said industries minister K.T. Rama Rao.
He was speaking at the inaugural of the 15th edition of BioAsia Summit being held in HICC on Thursday. The event will witness the participation of over 100 global leaders and 1,500 delegates from 55 countries.
With an aim to see at least one new vaccine is launched by one of companies in the state every year, the Telangana government is contemplating on setting up ‘First of its Kind’ Incubator focused for vaccine development in the Genome Valley.
Speaking on the occasion, Mr Rao said that the Genome Valley, which is the largest life sciences cluster in Asia, has been accorded the status of Industrial Area Local Authority (IALA).
The IALA status will all-ow 200 companies in the Genome Valley to have a single point contact for all government-related appr-ovals and facilitate infrastructure development in the cluster.
He also announced the government’s intent to expand Genome Valley cluster and initiate the formulation of an integrated masterplan for the cluster, which will be mark the beginning of Genome Valley 2.0.
Hoping to put the world in a dilemma whether to call Telangana a leader in technology or life sciences, the minister said, “The establishment and development of Genome Valley, Pharma City, Med-ical Devices Park makes Hyderabad an unique destination providing a complete ecosystem for global life sciences companies”
While Telangana is contributing to 35 per cent to the national pharmaceutical production of the country, it is recognized as the vaccine hub of India and the world, producing 33 per cent of global vaccines dosa-ges.
“The Telangana government is also working with the Central government to accelerate the establishment of India’s larg-est animal resources faci-lity, for securing appro-vals of the pharma city and establishing an institute focused on emerging areas, the industries minister said.