Hyderabad : Telangana Minister for Information Technology, Industries and Commerce and NRI Affairs, K T Rama Rao said they were developing a Medical Devices Park, in about 250 acres in phase I and in about 1000 acres in phase II, which will be first of its kind, with focus on innovation, R and D and Manufacturing.
Rama Rao while delivering his speed at Plenary session of AdvaMed 2016, one of the world’s most prestigious Medical Technology Conference in Minneapolis, Minnesota state as part of his US trip to promote Telangana and attracts investments in Telangana state mainly in Pharma, medical and healthcare sectors, said that Telangana has identified medical devices as a strategic sector for the state’s growth and invited global medical technology majors to visit Hyderabad for assessing the opportunities the country’s 29th state offers them.
Along with Pharma city, spread over 15000 acres and an existing bio-tech park Genome Valley, it creates a most ideal eco-system for any Med Devices company”, the Minister said. Highlighting the opportunities India offers MedTech companies and then presented the case of Telangana, the Minister said, “Given the extraordinary ecosystem of the State for Life Sciences, Healthcare, Information Technology and Engineering talent, the State has identified Medical Devices as a Strategic Sector for the State’s growth”.
Rama Rao stated that Telangana registered 16 per cent growth rate which is almost double the rate at which India is growing.
Delving on the success of Telangana industrial policy TSiPASS the Minister said that since the launch of the policy, State Government has accorded approvals to over 2500 units, about half of which are already into commercial production adding that the World Bank gave Telangana top rank in Ease of Doing Business (EODB) index among all Indian States. The Industries and Commerce Minister also quoted several Surveys like Mercer, National Geographic that gave Hyderabad and Telangana top ranks under various segments. The Hyderabad city, Rama Rao said, today is the home to the top most 4 most valued companies in the world. Google, Apple, Microsoft, Facebook and 5 of the top 10 with Amazon making it to the list.In his speech the Minister touched upon regulatory mechanism, pricing and duty structure, issues related to intellectual property rights, tax structure in India among others.