Companies buy in to India’s growth vision for the medical device industry
A range of companies including Apollo Hospitals have quickly signed up for units at what will become India’s largest medical devices park near Hyderabad.
Plans have been revealed for the 250-acre facility in Sultanpur as the Telangana region looks to reaffirm its standing as a hub of industry in pharmaceuticals, vaccine manufacturing and medical tourism.
Cyient Limited and Sandor Medicaids are among the 14 companies who have already been allotted space at the facility, with 4,000 direct jobs expected to be created as well as a further 4,000 through indirect employment.
According to figures, 75% of India’s medical devices are still imported but the industry is expected to grow to a value of $50bn by 2025-30.
Expanding on the sustainability plans for the park, Telangana industries minister K.T. Rama Rao said: “It is imperative that we also start looking at more innovation, more manufacturing and more opportunities.
“When we started interacting with large number of manufacturers, players in the ecosystem, we realized it is important to lay foundation for an ecosystem and not just for a manufacturing unit. Medical Devices Park is not just a manufacturing facility. What we have here is an ecosystem.”
A similar facility was launched in the close-by region of Visakhapatnam in 2016, with a promise to be ‘pioneers in local manufacturing of hitech devices’.
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