Telangana attracted USD 50 bn investment, gave 2.4 mn jobs without investors summit in nine years: KTR
Syngene International Limited announced the expansion of its existing research campus at Genome Valley in Hyderabad
HYDERABAD: Telangana approved 24,000 applications in the last eight years under TS-Ipass created more than 2.4 million direct job potential and attracted 50 billion US dollars in investments, IT and Industries Minister KT Rama Rao.
He said this while speaking at the groundbreaking ceremony of Syngene Scientific Solutions Limited’s research laboratory at Genome Valley here on Thursday. “All this was achieved without conducting a single investment summit,” KTR said.
While pointing out that both Hyderabad and Bengaluru compete when it comes to biology and technology the Minister suggested the formation of a life science technology corridor between the two cities. “I love Bengaluru as much as I love Hyderabad. Politics can happen in the last six months of an election. Because I believe that good economics is good politics and politics can be done during the rest of the four and half years,” he said.
KTR said that the life sciences sector in Telangana had grown by 23 percent against the national average of 14 percent. Half a million jobs were created efforts were made to it a $250 billion enterprise by 2030.
The Company envisages an investment of up to Rs 788 crore to develop the expanded to its full potential, including the creation of up to 1, 000 jobs in science, in the next five years.
KTR while expressing happiness over the expansion plans, said “Syngene's expansion is a testament to the tremendous opportunities and support that our State provides. At Genome Valley, we aim to facilitate the necessary infrastructure and support systems to enable pioneering life-science R&D activities. This expansion aligns with our vision to attract and nurture top talent, drive innovation and foster economic development."
KTR also inaugurated the State-of-the-art PROTAC laboratory that conducts leading-edge research into disease-causing proteins, which lie at the heart of diseases such as cancer and also, a Central Compound Management facility that serves as a central storage facility for all compounds synthesized by Syngene scientists.
Kiran Mazumdar Shaw, Chairperson of Syngene International Ltd said, " As a part of our commitment to drive innovation and strengthen the biotech ecosystem of the country, we will be investing up to RS 788 crore over the next few years, in Genome Valley in Hyderabad.”
Jonathan Hunt, Managing Director and Chief Executive Officer of Syngene International said, “In the last three years, our employee base has grown to over 900 scientists. In the next expansion phase, we plan to build world-class research laboratories primarily focusing on drug discovery that will create up to another 1,000 jobs.”
Syngene’s existing research facility in Genome Valley was inaugurated in 2020 with a 52,000 sq. ft facility and has now grown four times to an impressive 2,00,000 sq. ft housing more than 900 scientists. The research carried out on the site focuses on the discovery of chemistry and biology, primarily for the global pharmaceutical industry.
Genome Valley is home to marquee global names like Novartis, Ferring Pharma, Chemo, DuPont, Ashland, United States Pharmacopeia, and Lonza amongst many others. Genome Valley has emerged as a global hub for life sciences and biotechnology, bringing together leading research institutions, biotech companies and talented professionals.