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Telangana Govt Turns To Medtech To Double State’s Turnover By 2030

Telangana Govt Turns To Medtech To Double State’s Turnover By 2030

Telangana government plans to double its revenues from current $50 Bn to $100 Bn by 2030

Telangana government has partnered with Switzerland government for next BioAsia Conclave

Participation of startup at BioAsia has increased from 5% to 15%

With plans to double the state’s turnover by 2030, the Telangana government is now turning to medtech and pharma industry to achieve this ambitious goal.

According to Telangana’s principal secretary of IT and industries, Jayesh Ranjan, the government is looking to double the revenues from the current $50 Bn to $100 Bn by 2030 by tapping medtech and pharma industry.

Speaking on the sidelines of an industry event, Ranjan also announced the partnership of the Telangana government with Switzerland for hosting the 17th edition of the BioAsia Conclave next year. The event expects the participation of 50 countries for sharing their ideas and experiences on medtech and pharma.

For this event, Ranjan said that participation of startup at BioAsia has increased from 5% to 15% in just a couple of years.

Notably, Switzerland, which is acclaimed for its innovation in pharma because of the presence of companies like Novartis, Roche, Lonza, and Ferring Pharma, is looking to forge closer ties with India, which has grown into a significant player in medtech industry globally.

Further, Telangana’s IT and Industries Minister KT Rama Rao reportedly said that over the years, Telangana has strengthened its position in the medtech and life science industry. The state government is aiming to make the state as one of the top life sciences hubs of the world.

Silvana Renggli Frey, deputy consul general of Switzerland said that the country recognises India as a strategic partner in healthtech. “Hyderabad being one of the prominent hubs in life sciences and healthtech has been an attractive ecosystem for us to engage with,” she added.

On how Switzerland is going to bring healthtech expertise in India, Frey said that as a country partner in BioAsia, Switzerland is bringing a holistic representation of healthtech ecosystem, spanning from corporates to startups to academia to investors.

As per an IBEF report, the Indian healthcare industry is expected to grow at a CAGR of 16.28 % during 2008-22. It was predicted to touch $106 Bn in 2017 and $372 Bn by 2020.

Notably, the Indian healthtech space is currently dominated by players such as MedPlus, 1mg, NetMeds, Punit Soni’s Suki, Visit, Innovaccer, Zoctr, Lybrate, and Tricog, among others.