HYDERABAD: The Medical Devices Park, a dedicated park that supports medical technology, innovation and manufacturing, is catching the attention of investors, with many lining up to establish their units in this facility. Launched in 2017, the park has witnessed phenomenal growth with firms committing to invest Rs 1,500 crore and generating total employment of around 7,000 direct jobs.
Recently, S3V Vascular Technologies decided to set up their state-of-the-art integrated manufacturing facility to manufacture high-end critical lifesaving neurological and cardiac medical devices. It is being set up with an investment of Rs 250 crores and will generate direct employment of around 500 people along with indirect employment for 250 people.
A couple of months ago as many as seven firms established their units. The seven companies that were inaugurated in the Medical Devices Park were Promea Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Reesv Medlife. These companies have proposed a total investment of `265 crore and the generation of around 1,300 jobs.
The park has received an overwhelming response with more than 50 companies lining up to set up their manufacturing or R&D units. To encourage local production, the State government developed the Medical Devices Park in Sultanpur on 250 acres of land. The government built the park with an aim to realise Telangana’s dream and vision of life sciences industry to over $100 billion by 2030.
This apart, several companies and start-ups based in Hyderabad are focused on building next-generation medical device products like 3D-printed bionic arms, imaging systems, digital health solutions, mobile dialysis units and implants.