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Pharma market to double growth by 20%: Minister
The Telangana government is vouching to double its pharma market growth from the current 20 per cent to 40 per cent in the next five years. According to Dr C Laxma Reddy, minister for medical and health, the State is giving highest priority for the pharma and healthcare sector.
The Telangana government is vouching to double its pharma market growth from the current 20 per cent to 40 per cent in the next five years. According to Dr C Laxma Reddy, minister for medical and health, the State is giving highest priority for the pharma and healthcare sector.
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As part of this, the government had already allocated 11,000 acres of land for the Pharmacity on the outskirts of Hyderabad and carved a new draft policy for investors called Telangana State Industrial Projects Approval and Self Certification System (TS-IPASS) for speedy and easier approval.
With the new industrial policy, the State is aiming to attract new investors in pharma, biotechnology and other allied sectors, wherein the investors will get all their clearances within 15 days of their application. All clearances like issue of no-objection certificate, allotments, consents, approvals, permissions, registrations, enrollments, licenses, etc., will be given in just 15 days.
The state is expecting that once the works at Pharmacity are completed and all the existing pharma clusters in and around Hyderabad will be moved to the integrated location, will contribute in doubling its growth from 20 per cent to 40 per cent in the coming years.
In fact, a large number of bulk drugs, formulations and biotechnology industries already exist in the State. These industries are key economic drivers for Telangana. But with Andhra Pradesh government attracting these units to Viisakhapatnam, Vijayawada, Guntur and Ananthapur, the newly formed government under Chief Minister Chandrasekhar Rao is leaving no stone unturned to restore the existing bulk drug and formulations establishments but at the same time is striving hard to attract new investments in all sectors.
“Our government is committed to pharma and healthcare industry in the State. As these are the key economic drivers for both the State and Centre we are giving highest priority. In the coming days we want to double Telangana's share of pharma market from current level of 20 per cent to 40 cent,” said Dr Laxma Reddy. The minister assured all the help for the proposed Pharma Summit which scheduled to be held in Hyderabad from July 23-26.
