STOCK MARKET BSE NSE

Telangana eyes USD 100 billion revenues from pharma, medical technology industries

The Telangana government is looking to increase the revenue from these two sectors from USD 50 billion to USD 100 billion by 2030.

Published: 11th December 2019 09:03 AM  |   Last Updated: 11th December 2019 09:03 AM   |  A+A-

IT Principal Secretary Jayesh Ranjan speaks as Deputy Consul General of Switzerland Silvana Renggli-Frey looks on during a press meet

IT Principal Secretary Jayesh Ranjan speaks as Deputy Consul General of Switzerland Silvana Renggli-Frey looks on during a press meet| Sathya Keerthi

By Express News Service

HYDERABAD:  The State government is planning to double the turnover from its rapidly growing pharmaceutical and medical technology industry. According to Jayesh Ranjan, Principal Secretary of IT & Industries, that the government is looking to increase the revenue from these two sectors from $50 billion to $100 billion by 2030. 

He also announced the State government’s partnership with Switzerland for the 17th edition of the BioAsia Conclave, which will see 50 countries come together to share their ideas and experiences.Switzerland, consistently ranked No 1 in innovation, is widely known for innovation in big pharma with the presence of eminent pharma and life-sciences companies like Novartis, Roche, Lonza and Ferring Pharma.

The European country is looking to forge closer ties with India which has grown into a significant player in life sciences industry globally and has now partnered with the most widely attended life sciences convention BioAsia, as the Country Partner for the 17th edition. 

Later in the day, the officials of Telangana government and Consulate General of Switzerland signed the partnership agreement in the presence of IT and Industries Minister KT Rama Rao. Speaking on the occasion, Rama Rao said, “Over the years, Telangana has strengthened its position in the life sciences industry, and we are aiming made the State as one of the top life sciences hubs of the world.” 

Meanwhile, Jayesh Ranjan said, "We have noticed that 70 to 80 per cent of the companies who set up their stalls at the conclaves companies who have already partnered with us in previous conclaves, which means these companies do get something out of the conclave every time they come. Additionally we have seen an increase in startups participation from 5 per cent to 15 per cent in just a couple of years."

Silvana Renggli-Frey, Deputy Consul General of Switzerland, said, “Switzerland recognises India as a strategic partner in healthtech. Hyderabad being one of the prominent hubs in life sciences and healthtech has been an attractive ecosystem for us to engage with. As a country partner at BioAsia, we’re bringing a holistic representation of the Swiss healthtech ecosystem spanning from corporates to startups to academia to investors. We’re eager to collaborate with the key players in India and pursue new solutions today, for tomorrow.”

Land acquisition for Pharma City to be completed soon

HYDERABAD: The last phase of Pharma City has been rolled out, with the final presentation made to the Central government two weeks ago. Principal Secretary Jayesh Ranjan said, "The remaining land acquisition for the 10,000 acre project will be completed in the next three months, along with clearances from the Centre. Agencies have been identified, approvals will be given by the Centre as well. Meanwhile, the other infrastructure is also being put in place."

Stay up to date on all the latest Telangana news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp