US-based life sciences co investing big in Hyderabad?
Company size and investment figure bigger than that done by Medtronic: Industries Minister Sridhar Babu
image for illustrative purpose
Univ on cards:
- Life Sciences University to be set up
- Policy Document getting ready
- An industry driven initiative
Hyderabad: Telangana IT and Industries Minister D Sridhar Babu on Wednesday hinted about a significant investment coming into the city from a US-based Life Sciences Company, which will generate sizeable employment opportunity.
On the sidelines of the inaugural of Global IT Center of Medtronic in Hyderabad, the Minister, unwilling to give out further information, told Bizz Buzz, “The investment amount is going to be big, as the company is bigger than that of medical technology company, Medtronic. The company is into Life Sciences and is based out of the US. If I reveal more you will be able to guess which company I am talking about. Within this year itself we will be making the announcement, so the media has to wait for a couple of months till the official announcement is made.”
To estimate the new investment that will be coming into the city, Dublin-headquartered Medtronic has invested $160 million in 2020, and $300 million in February 2024. Hence, according to the IT minister the new investment will be more than $460 million that Medtronic has invested in Hyderabad.
Without revealing details, the minister mentioned about the second phase of the Genome Valley that will be expanded on a larger scale. He also briefed Bizz Buzz about the progress achieved in the establishment of the School of Excellence in Life Sciences, first-of-its-kind in the country.
He further said, “We are right now working on the policy document, it will be tabled in the Assembly, and if everything goes well then further details about the School will be revealed. The location has not been decided yet, we will make the announcement after all the aspects are in place.”
Elaborating further, Shakthi M Nagappan, Director, Life Sciences and Pharma, Govt of Telangana, highlighted that the Life Sciences University will be set up on International standards under partnership with the Corporate. The research-focussed institution will offer certified Masters, PhD, Post Doctorate, and will eventually include Graduate course. “It will be an industry driven initiative. For the curriculum, we are talking to international schools, the course-work will be designed after consulting the Industry too.”
On a query about whether the industry is facing lack of talent in Life Sciences sector, Nagappan said, “There is no lack of talent but there is new kind of talent required. We will cater to elevating the game by looking at newer skills, and best of research coming out of the University. The vision is that if we have a good quality research centre it will create new kind of companies.”
