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KTR hardsells Telangana to med-tech majors
Minister for Information Technology KT Rama Rao said that the State had identified medical devices as a strategic sector for growth and invited global medical technology majors to visit Hyderabad for exploring the possibilities for investment in the State.
Hyderabad: Minister for Information Technology KT Rama Rao said that the State had identified medical devices as a strategic sector for growth and invited global medical technology majors to visit Hyderabad for exploring the possibilities for investment in the State.
Delivering his speech at the plenary session of AdvaMed 2016 – one of the world’s most prestigious medical technology conference, in Minneapolis, Minnesota State as part of his US tour to promote Telangana and attract investments into pharma, medical and healthcare sectors, KTR said,
Telangana was developing a Medical Devices Park in about 250 acres in Phase I and in about 1,000 acres in Phase II, which would be the first of its kind, with focus on innovation, R&D and manufacturing. “Along with Pharma City, spread over 15,000 acres and an existing bio-tech park Genome Valley, it creates a most ideal eco-system for any med devices company,” he added.
Delving on the success of Telangana industrial policy – TSiPASS – the Minister said that since the launch of the policy, the State government had accorded approvals to over 2,500 units, about half of which were already into commercial production, adding that the World Bank gave Telangana top rank in the ‘Ease of Doing Business’ (EODB) index among all Indian States.
The Industries and Commerce Minister also quoted several surveys like Mercer, National Geographic, etc, that gave Hyderabad and Telangana top ranks under various segments.
The Hyderabad city, he said was home to the top four most valued companies in the world viz., Google, Apple, Microsoft and Facebook and five of the top 10 with Amazon making it to the list.
KTR said that demographic dividend i.e., 54% being below 25 years, and an estimated 62%, being in the working age, readily-employable workforce, rapidly growing economy, huge domestic market will work for MedTech companies looking to expand and invest.
