Life Sciences and pharmaceutical industry continue to spearhead manufacturing growth in Telangana, attracting ₹11,846 crore investments and generating employment opportunities for over 70,000 people in last four years, according to the Telangana Social Economic Outlook 2021.
In 2019-20, pharmaceutical exports from the State were valued at ₹16,705 crore, the document tabled in the Assembly on Thursday said.
According to the Social Economic Outlook, the State’s pharmaceutical sector made significant contributions to the COVID-19 response. It manufactured and supplied life-saving drugs in bulk quantities, including anti-viral drugs Remdesivir and Favipiravir that were used to treat COVID-19 patients. One of the first RT-PCR test kits approved by the Indian Council of Medical Research was from Hyderabad and since then, a number of companies have developed additional RT-PCR kits, rapid test kits, viral transport mediums, reagents and technology-based diagnostics solutions.
“The first indigenously developed vaccine for COVID-19, Covaxin, comes from Bharat Biotech, a Hyderabad-based company. Other companies from the State like Biological E and Dr. Reddy’s are also engaged in the development and manufacture of COVID-19 vaccine,” the report said. It noted that biotech companies in and around Hyderabad contributed to one-third of the global vaccine production.
Noting that pharmaceutical products are the largest exported items from Telangana, accounting approximately for one-third of all exports, the report said the State is successfully diversifying its export basket with growth in sectors such as plastic and paper products.
The report said the State government’s flagship TS-iPASS scheme has played an important role in promoting industry and attracting investment. The State has seen a nearly three-fold increase in the number of units, and employment in firms, since the launch of TS-iPASS in 2015.
Investment committed by firms using TS-iPASS has also increased by over 33%, during the same period. Despite the pandemic, in 2020, there were 3,005 TS-iPASS units which attracted ₹30,667 crore in investments and employed 1.79 lakh people. Notably 24% of the State’s investments are repeat commitments from satisfied investors, an indicator of the industrial policy’s success, the report said.
The government has started work on the One District One Product scheme, which aims to identify and promote products that have a high market potential for both export promotion and import substitution, it said.
Published - March 18, 2021 11:43 pm IST
