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KTR inaugurates 7 companies in medical devices park
Industries Minister KT Rama Rao inaugurating seven companies in the Medical Devices Park on Wednesday
These companies are making a total investment of Rs 265 crore and will generate jobs for around 1,300 people
Hyderabad: Telangana Industries Minister KT Rama Rao on Wednesday inaugurated seven companies - Promea Therapeutics, Huwel Life Sciences, Akriti Oculoplasty, Arka Engineers, SVP Techno Engineers, Elvikon and Rees Medilife at the Medical Devices Park, supposed to be India's largest facility of its kind, near Hyderabad.
These firms have made a total investment of Rs 265 crore and employment generation for around 1,300 people.
Speaking on the occasion, the Minister noted that since its launch in 2017, the park has received an overwhelming response with about 50 companies setting up their manufacturing and R&D units with an overall investment commitment of Rs 1,424 crore and around 7,000 direct jobs.
He said that just in a span of few years, it has become one of the leading and most attractive R&D and manufacturing destinations for the medical devices companies, despite the setbacks faced by the industry and entrepreneurs during the unprecedented Covid period.
The State government recognised medical devices and diagnostics sector as a high-potential, high growth sector, which presents unlimited opportunities.
"The park also reinforces the government's commitment to strengthen the State's manufacturing capabilities which going forward, will help attract even greater investments in a broad range of medical device product segments ranging from capital equipment, implantable devices, diagnostics, and consumables. We aim to make this park as not just a global factory for the world but a global medtech innovation ecosystem," he said.
KTR said key discoveries, ranging from the development of engineered modified RNA technology, which enabled rapid development of effective Covid-19 vaccines, to bioprosthetic implants to at-home genetic testing kits to cardiac diagnostic tools to handheld ultrasound devices, mobile ventilators, oxygen concentrators, PPEs and other medical supplies, have propelled growth and investments in the sector.
He claimed that Medtronic's largest research and development centre outside the US serves as a testimony to Hyderabad's growing prowess for medtech research in India. The centre has already started making its impact by making significant contributions to the development and testing for robotic assisted surgery system and also in the development of simplified and remotely deployable solution that can help physicians monitor the vital parameters of their patients, no matter where they are, thus ensuring safety and minimising clinician exposure, he said.
