HYDERABAD: Stating that the Life Sciences segment in Telangana is well on track to fulfill its potential of growing to a $100 billion industry by 2030, IT and Industries Minister KT Rama Rao on Wednesday inaugurated seven companies at the Medical Devices Park in Hyderabad.
Reiterating the state government’s commitment to promote research, development, innovation and manufacturing in the segment, the Minister said that the Medical Devices Park was indeed a very important initiative of the government.
“Since its launch, the park has received overwhelming response with about 50 companies setting up their manufacturing and Research and Development units with an overall investment commitment of Rs 1,424 crore and around 7,000 direct jobs,” the Minister said.
He said that the park reinforces the government’s commitment to strengthen the State’s manufacturing capabilities.
“The Park will help attract even greater investments in a broad range of medical device product segments ranging from capital equipment, implantable devices, diagnostics, and consumables,” KTR said.
The seven companies that were inaugurated in the Medical Devices Park, one of the largest such parks in the country spread over 250 acres, were Promea Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Reesv Medilife. These companies have proposed a total investment of Rs 265 crore and generation of around 1,300 jobs.
KTR pointed out that B. Braun, a leading medical devices company in the world with headquarters in Germany, has invested more than Rs 100 crore in the State and currently employs more than 550 people with focus on producing world-class products in the portfolio of infusion therapy comprising hypodermic syringes and needles, intravenous sets and other infusion accessories.
He said that a range of 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, next-generation stents, targeted delivery devices, implants, among others.
These startups and companies are taking a variety of approaches to innovating the medical device industry
and they continue to put Hyderabad on the innovation map and the medical devices park offers complimentary support to these innovators and companies as they scale, the Minister said.